Blue Corporation purchases a patent from Crane Company on January 1, 2017, for $41,000. The...
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Accounting
Blue Corporation purchases a patent from Crane Company on January 1, 2017, for $41,000. The patent has a remaining legal life of 13 years. Blue feels the patent will be useful for 10 years.
Prepare Blues journal entries to record the purchase of the patent and 2017 amortization.
| Patents | 41,000 | |
| Cash | 41,000 | |
| Amortization Expense | ||
| Patents |
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