Power industries has acquired a patent for $16,000. its useful life is expected to be four years. Prepare the yearly journal entry to recognize periodic amortization.

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04-08-2022
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Power industries has acquired a patent for $16,000. its useful life is expected to be four years. Prepare the yearly journal entry to recognize periodic amortization.

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-08-05T20:04:49+02:00

If Power industries has acquired a patent for $16,000. its useful life is expected to be four years. The yearly journal entry to recognize periodic amortization is: Debit Amortization Expense - Patents $4,000; Credit Patents $4,000.

Journal entry

If the company has acquired a patent for the amount of $16,000 in which the useful life is expected to be four years. The appropriate journal entry to recognize periodic amortization is:

Power industries journal entry

Debit Amortization Expense - Patents $4,000

Credit Patents $4,000

($16,000/4 years)

(To record periodic amortization recognized)

Therefore the yearly journal entry to recognize periodic amortization is: Debit Amortization Expense - Patents $4,000; Credit Patents $4,000.

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