Question 2 12 points On January 2 2016 Alpha Company purchas

Question 2 (12 points) On January 2, 2016, Alpha Company purchased a patent for $68,000. The patent has a remaining legal life of nine years and an expected service life of eight years. Use this information to prepare the General Journal entry (without explanation) for December 31, 2016 end of the year adjusting entry. If no entry is required then write \"No Entry Required.\" General Journal: EE ®??????] Date Accounts Debit Credit @??«I ds |O

Solution

Date General Journal Debit Credit 12/31/16 Amortization Expense $8,500 Patent ($68,000 / 8 years) $8,500