New Tech Company Acquired a Patent on January 1,2015 for $35,000.The

question 67

Essay

New Tech Company acquired a patent on January 1,2015 for $35,000.The residual value of the patent is $0.The patent is expected to be of benefit to New Tech Company for 5 years.After using the patent one year,it was discovered that the patent would only be useful for 3 more years.
Required:
1.Prepare the journal entry to record the acquisition of the patent.Omit explanation.
2.Prepare the adjusting journal entry at December 31,2015.Omit explanation.
3.Prepare the adjusting journal entry at December 31,2016.Omit explanation.

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Definitions:

Deprotonation

The removal of a proton (H+) from a molecule, resulting in the formation of its conjugate base.

Resonance Structures

Different Lewis structures that represent the same molecule, showing the delocalization of electrons within the molecule.

Carboxylate Ion

A negatively charged ion (an anion) that results when a carboxylic acid loses a hydrogen ion from its carboxyl group.

Ether Solution

A solution in which an ether, a class of organic compounds containing an oxygen atom connected to two alkyl or aryl groups, serves as the solvent.