Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $ million cost of the patent on a straightline basis since it was acquired at the beginning of Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nineyear life being used to amortize its cost. The decision was made at the end of before adjusting and closing entries
What is the appropriate adjusting entry for patent amortization in to reflect the revised estimate?
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to decimal places ie should be entered as
Journal entry worksheet
Record the adjusting entry for patent amortization in
Note; Enter debits before credits.
tableEventGeneral Journal,Debit,Crodit
