On January 1,2019,Ennis Company Purchased a Patent for $200,000 Cash

question 53

Essay

On January 1,2019,Ennis Company purchased a patent for $200,000 cash.Although the patent gives legal protection for 20 years,the patent is expected to be used for only 10 years.The patent has no residual value.Journalize the amortization expense for 2019.Assume straight-line amortization.Omit explanation.

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Definitions:

Light Touch

A sensory perception triggered by a light pressure that activates mechanoreceptors in the skin.

Memory Engram

A hypothetical unit or physical substrate within the brain theorized to store memories, encompassing the changes in neural networks that represent a single memory.

Long-Term Memory

The phase of memory responsible for storing information for extended periods, ranging from days to a lifetime.

Declarative Memory

The type of long-term memory that involves the capacity to recall factual information, experiences, and concepts.