Isolation successfully defended the patent in a lawsuit at


Isolation Company acquired patent rights on January 4, 2011, for $705,000. The patent has a useful life equal to its legal life of 15 years. On January 7, 2015, Isolation successfully defended the patent in a lawsuit at a cost of $78,100. If required, round your answer to the nearest dollar.

a. Determine the patent amortization expense for the current year ended December 31, 2015.

b. Journalize the adjusting entry to recognize the amortization.

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Financial Accounting: Isolation successfully defended the patent in a lawsuit at
Reference No:- TGS01245879

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