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Kleen Company acquired patent rights on January 10 of year 1 for $940,500. The patent...

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Accounting

Kleen Company acquired patent rights on January 10 of year 1 for $940,500. The patent has a useful life equal to its legal life of eight years. On January 7 of year 4, Kleen successfully defended the patent in a lawsuit at a cost of $40,200.
Required:
a. determine the patent amoritzation expense for year 4 ended December 31. Round to nearest whole dollar
b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortixation.
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of $40200 Required: CNOW jounsis wil automaticaly hilent a coodt entry when a credit amount is entered. First Queation a. Detemere the patent amortaration expense for Year 4 ended Decerrber 31 . Round your answer to the nearest whole dellar. K Chock My Woik lawsut tegiring a patent intingetrent then the patert is writen of. Journal Ine on a joumal page is used for debt or creose enties. CNOW poumats wil autometicaly indent a coost enoy when a credit amount is entered Question not ettempted. Feodonck r Check My uicon Unike the entres to record depreciation and sepletion, the recording of amortiration does not affect a cortera asset aceount

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