The entry to record patent amortization of $4,500 embedded in a product is as follows:
A)Work-in-Process Inventory .................... 4,500
Patent ................4,500
B)Finished Goods Inventory ..................4,500
Patent ..................4,500
C)Work-in-Process Inventory ............. 4,500
Allowance for Amortization of Patent ................4,500
D)Finished Goods Inventory ...............4,500
Allowance for Amortization of Patent ................4,500
E)none of the above

Question

The entry to record patent amortization of $4,500 embedded in a product is as follows:
A)Work-in-Process Inventory .................... 4,500 
Patent ................4,500
B)Finished Goods Inventory ..................4,500 
Patent ..................4,500
C)Work-in-Process Inventory ............. 4,500 
Allowance for Amortization of Patent ................4,500
D)Finished Goods Inventory ...............4,500 
Allowance for Amortization of Patent ................4,500
E)none of the above

Quizplus · Accepted Answer

The Answer of The entry to record patent amortization of $4,500 embedded in a product is as follows:
A)Work-in-Process Inventory .................... 4,500 
Patent ................4,500
B)Finished Goods Inventory ..................4,500 
Patent ..................4,500
C)Work-in-Process Inventory ............. 4,500 
Allowance for Amortization of Patent ................4,500
D)Finished Goods Inventory ...............4,500 
Allowance for Amortization of Patent ................4,500
E)none of the above

The Entry to Record Patent Amortization of $4,500 Embedded in a Product