On July 1, Sterns Co. acquired patent rights for $36,000. The patent has a useful life of 6 years and a legal life of 15 years. Journalize the adjusting entry on December 31 to recognize the amortization.Journal 
Definitions:
Theories Of Expectations
Various economic theories that attempt to predict how rational individuals form their expectations about future events, affecting their economic decisions.
Adaptive Expectations Theory
An economic theory that proposes individuals adjust their expectations for the future based on recent past experiences and events.
Certainty Equivalent Theory
An economic theory that quantifies how much risk an investor is willing to take on, expressed as the minimum guaranteed amount an investor would accept rather than take a gamble.
Theories Of Expectations
Economic theories that explore how the expectations of individuals or firms about future economic conditions affect their current decision-making and behavior.
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