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Kleen Company acquired patent rights on January 10 of Year 1 for $512,000. The patent...

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Accounting

Kleen Company acquired patent rights on January 10 of Year 1 for $512,000. The patent has a useful life equal to its legal life of 8 years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $25,500.

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a. Determine the patent amortization expense for the Year 4 ended December 31. fill in the blank 1 of 1$

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b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. If an amount box does not require an entry, leave it blank.

blank Account Debit Credit
blank Accumulated DepletionAmortization Expense-PatentsCashPatentRepairs and Maintenance Expense
Amortization Expense-PatentsCashDepletion ExpensePatentsRepairs and Maintenance Expense
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