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Maret 18.00 P Fag question Recording Amortization with a Change in Accounting Estimate On January...

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Maret 18.00 P Fag question Recording Amortization with a Change in Accounting Estimate On January 1, 2018, Kelley Company purchased a new patent for 10,200 and started amortizing it over its legal life of 20 years. At the start of 2021, Kelley estimated that the total useful life of the patent (from acquisition date) was 12 years. Note: Carry wer to the nearest dollar Cash What she Not Receivable he patent for 20212 $ Discount on Not Receivable Eipment b What is Accumulated Depreciation 1.20212 Franchise Goodwill Patent Record Software intangible Asset Trademark Dr. Cr Dec 31, 202 Note Payable Discount on Note Payable Common Stock Capital in acest of Par-Common Stock Sales Revenue Previo Amortization Expense Next Legal Expense Organization Experte Research and Development Expense Software Amortization Expense Software Development Experie Gain on sale Impairment loss EL Date Note: Carry all decimals in calculations; round the final answer to the nearest dollar. 2. What should Kelley record as amortization expense on the patent for 2021? What is the carrying value of the patent on December 31, 2021? Record the entry for amortization in 2021. Account Name Dr. Cr. Date Dec. 31.2021 Previous Save Answers

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