Abner company purchases a patent for 156000 on january 2, Accounting Basics

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Abner company purchases a patent for 156000 on january 2

Question: Abner Company purchases a patent for $156,000 on January 2, 2017. Its estimated useful life is 6 years.

(a) Prepare the journal entry to record amortization expense for the first year.

(b) Show how this patent is reported on the balance sheet at the end of the first year.

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Accounting Basics: Abner company purchases a patent for 156000 on january 2

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Accounting Basics: Abner company purchases a patent for 156000 on january 2

Reference No:- TGS02624590

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