On July 1 2018 Graunke Company Purchased a Patent from Chimney

question 170

Multiple Choice

On July 1 2018 Graunke Company purchased a patent from Chimney Rock Company for $8000000.It was estimated that the patent has a remaining useful life of 4 years.On July 1 2022 Graunke retired the asset.Use the following tabular analysis to make the adjustment for retirement assuming that the cost has been fully amortized.

• A)Increase Expenses and decrease Patents $2000000.
• B)Decrease Patents and increase Expenses $1000000
• C)Increase Revenues and decrease Patents $8000000.
• D)The Patent account would have a zero balance so no entry would be needed.

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