Question

E9-25 (similar to) 1 Question Help Mirade Printers (MP) manufactures printers Assume that MP recently paid 5700 000 for a patent on a new laserprinter Although it gives legal protection for 20 years the patent is expected to provide a competitive advantage for only eight years Read the requirements Requirement 1. Assuming the straight line method of amortization, make journal entries to record(a) the purchase of the patient and (b) amortization for the first year (Record debt first, then credits Select the explanation on the last line of the jumat ate) (a) Record the purchase of the patient Accounts and explanation Debit Credit Date 5 similar to Osimilar te o similart what to Choose from any list or enter any number in the input ids and then click Check Answer 2 parts 2 remaining Clear All Check Answer se ACC 121-810 WINTER-2020) is based on Miller-Nobles/Mattison Homgren's Pancial Managerial Accounting

Answer 1

ganement - (a) Record the purchase Debit credit 02 700000 Parent au cash To record 700000 on purchase patent) (b) Record the amortization. Amortization Expense -patent 187500 | Patent (700000/8) (To record amortization of patent) 87500 (Requirement-2) Amortization Expense - patent: 175000 Patent (700000/(6+2-4) 175000 (To record amortization ofpatent)