On January 1, 2014, Portwell Company Purchased a Patent for $200,000

question 52

Multiple Choice

On January 1, 2014, Portwell Company purchased a patent for $200,000. They estimate a useful life of 4 years. What entry is needed at the end of the first year?

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Definitions:

DHCP

Dynamic Host Configuration Protocol, a network management protocol used to automate the process of configuring devices on IP networks, enabling them to use the TCP/IP protocol based communications.

Flash Storage Devices

Solid state storage media that use flash memory to retain data, offering fast access speeds and resistance to physical shock.

Micro-SD

A compact, portable flash memory card used primarily for storage in mobile devices, such as smartphones and digital cameras.

Mini-SD

A smaller version of the Secure Digital (SD) memory card format, typically used in portable electronic devices like digital cameras and mobile phones for extended storage.