Record the following events and transactions for Axle Company for the current year.
1. On January 2, Axle purchased a patent for $35,000 with a useful life of 10 years. Prepare the journal entry to amortize the patent at the end of the first year.
2. On January 4, Axle purchased a music distributor's collection of lyrics and songs for $1,425,000. The copyrights are expected to last another 30 years. Prepare the journal entry to amortize the copyright at the end of the first year.

Question

Record the following events and transactions for Axle Company for the current year.
1. On January 2, Axle purchased a patent for $35,000 with a useful life of 10 years. Prepare the journal entry to amortize the patent at the end of the first year.
2. On January 4, Axle purchased a music distributor's collection of lyrics and songs for $1,425,000. The copyrights are expected to last another 30 years. Prepare the journal entry to amortize the copyright at the end of the first year.

Quizplus · Accepted Answer

The Answer of Record the following events and transactions for Axle Company for the current year.
1. On January 2, Axle purchased a patent for $35,000 with a useful life of 10 years. Prepare the journal entry to amortize the patent at the end of the first year.
2. On January 4, Axle purchased a music distributor's collection of lyrics and songs for $1,425,000. The copyrights are expected to last another 30 years. Prepare the journal entry to amortize the copyright at the end of the first year.

Record the Following Events and Transactions for Axle Company for the Current