In 2016,Hinkle Corporation Co.acquired a patent from a competitor for $275,000.At the time of purchase,it had 12 years of its legal life remaining;however,due to competition,Hinkle believes that the patent will only be useful for 8 years.Prepare the general journal entry to recognize amortization expense for 2016.

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The Answer of In 2016,Hinkle Corporation Co.acquired a patent from a competitor for $275,000.At the time of purchase,it had 12 years of its legal life remaining;however,due to competition,Hinkle believes that the patent will only be useful for 8 years.Prepare the general journal entry to recognize amortization expense for 2016.