On July 1, 2010, Howard Co. acquired patents rights for $40,000. The patent has a useful life of 8 years and a legal life of 15 years. Journalize the adjusting entry on December 31, 2010 to recognize the amortization.
Journal
Definitions:
Unrealized Gains
Increases in the value of an asset that has not been sold, and thus the gain has not been "realized" through a transaction.
Comprehensive Income
The total change in equity for a business enterprise during a period from transactions and other events from non-owner sources.
Available-For-Sale Securities
Financial investments that a company holds with the intent of selling for a profit but are not actively traded or held to maturity.
Unrealized Loss
A loss that occurs on paper due to the decrease in value of an investment but has not yet been realized through actual sale or exchange.
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