I have all of it but the two amounts correct. Here it is: Prepare necessary adju

Question

I have all of it but the two amounts correct. Here it is:

Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (If there is no transaction, enter No entry as the account and 0 for the amount.)

Your answer is partially correct.  Try again. I have all of it but the two amounts correct. Here it is: Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (If there is no transaction, enter No entry as the account and 0 for the amount.)

Explanation / Answer

Hi,

Please find the answer as follows:

Dec 31 - No Entry

Dec 31

Amortization Expense - Patent Dr. 12000

Patents Cr. 12000

Notes:

Patent Amortization = 90000/5 = 18000

For 7 Months = 18000*8/12 = 12000

Thanks.

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