Amortization: Itis the process of allocating the value of an intangible asset over its definite 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 journal entries related to the patent for 2018, 2019, and 2020.

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Chapter 11, Problem 11.19E

To determine

Amortization:

Itis the process of allocating the value of an intangible asset over its definite 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 journal entries related to the patent for 2018, 2019, and 2020.

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