Martinez,Inc

question 62

Essay

Martinez,Inc.acquired a patent on January 1,2014 for $40,000 cash.The patent was estimated to have a useful life of 10 years.At the end of 2016 it appeared that the total useful life would be only 7 years and the amortization rate was revised accordingly.On June 30,2018,the patent was sold for $20,000.
a.Prepare the journal entry to record the acquisition of the patent on January 1,2014.
b.Prepare the journal entry to record the annual amortization for 2015.
c.Compute the amount of amortization that would be recorded in 2017.
d.Record the sale of the patent on June 30,2018.

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Definitions:

In Favor

A position or opinion that is supportive of or positive about a particular situation, proposal, or concept.

Median-Voter Model

A theoretical model in political science suggesting that the outcome of a majority vote is most likely to reflect the preference of the median voter.

Political Logrolling

A method where lawmakers reciprocate support by backing each other's suggested measures or legislative agendas.

Paired-Choice Voting

A voting system where voters choose between pairs of candidates or options in a series of rounds, each round narrowing down the choices until a winner is decided.