a. Determine the patent amortization expense for the current year ended December 31, 2014.
b. Journalize the adjusting entry to recognize the amortization.
Answer:
![](https://1.bp.blogspot.com/-N7Nz48qWa7E/WshkeLvSSiI/AAAAAAAACbQ/73JzGYu_K_QiXRu4eyNacleJQmmw6O2JQCK4BGAYYCw/s400/Ex.%2B10%25E2%2580%259320.png)
a. ($480,000 ÷ 8) + ($80,000 ÷ 5) = $76,000 total patent expense
b.
Amortization Expense—Patents 76,000
Patents 76,000
Amortized patent rights ($60,000 + $16,000).