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PLEASE USE CHART I PROVIDED! Kleen Company acquired patent rights on January 10 of Year 1...

PLEASE USE CHART I PROVIDED!

Kleen Company acquired patent rights on January 10 of Year 1 for $882,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $39,600.

a. Determine the patent amortization expense for Year 4 ended December 31. Round your answer to the nearest whole dollar. $ ____________________

B. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

Adjusting Entries

2

3
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