Amortization: It is the process of allocating the value of the intangible assets over its estimated useful life. Intangible Assets: These are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. Example: Patent, Trademark, Goodwill , Copyrights. To prepare : The year-end journal entry for patent amortization in 2016.

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Chapter 11, Problem 11.17E

To determine

Amortization:

It is the process of allocating the value of the intangible assets over its estimated useful life.

Intangible Assets:

These are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. Example: Patent, Trademark, Goodwill, Copyrights.

To prepare: The year-end journal entry for patent amortization in 2016.

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