business-accounting question. thanks Prepare the following journal entries and calculations: ...
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business-accounting question. thanks
Prepare the following journal entries and calculations:
| (a) | A patent that was acquired for $820,000 at the beginning of the current year expires in 15 years and is expected to have value for 6 years. Present the adjusting entry to amortize the patent for the current year. |
| (b) | Mineral rights on an ore deposit estimated at 8,000,000 tons of ore were acquired for $5,600,000. Present the adjusting entry to record depletion for the current year, during which 350,000 tons of ore were removed. |
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