New Tech Company acquired a patent on January 1,2019 for $35,000.The residual value of the patent is $0.The patent is expected to benefit 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 explanations.
2.Prepare the adjusting journal entry at December 31,2019.Omit explanation.
3.Prepare the adjusting journal entry at December 31,2020.Omit explanation.
Definitions:
Pessimistic
A tendency to see the worst aspect of things or believe that the worst will happen.
Abilities
The skills and competencies that enable an individual to perform specific tasks or activities.
Competence
The ability to do something successfully or efficiently, often referring to a specific skill or knowledge area.
Stanford Prison Study
A psychological experiment conducted in 1971 by Philip Zimbardo at Stanford University, exploring the effects of perceived power and authority in a simulated prison environment.
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