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aivan3 [116]
4 years ago
8

Ayayai Corporation purchases a patent from Blossom Company on January 1, 2020, for $40,000. The patent has a remaining legal lif

e of 12 years. Ayayai feels the patent will be useful for 10 years. Prepare Ayayai’s journal entries to record the purchase of the patent and 2020 amortization
Business
1 answer:
Karo-lina-s [1.5K]4 years ago
5 0

Answer:

Explanation:

The journal entries are shown below:

1. Patent A/c Dr $40,000

     To Cash A/c $40,000

(Being patent is purchase in cash is recorded)

2. Amortization expense A/c Dr $4,000

      To Patent A/c $4,000

(Being amortization expense is recorded)

The computation is shown below:

= Patent ÷ useful life

= $40,000 ÷ 10 years

= $4,000

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3 years ago
Which two disadvantages are associated with collaborative business message writing?
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Answer:

It may lead to groupthink.

It may affect the message's clarity.

Explanation:

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-BARSIC- [3]

Answer:

$24.86

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