a-company-amortizes-a-patent-costing-150000-over-5-years-what-is-the-journal-ent

Question

A company amortizes a patent costing $150,000 over 5 years. What is the journal entry for the annual amortization expense?

Accepted Answer

Debit Amortization Expense $$30,000; Credit Patents 30$$,000

Answer

Debit Patents $$30,000; Credit Amortization Expense 30$$,000

Answer

Debit Patents $$150,000; Credit Amortization Expense 150$$,000

Answer

Debit Amortization Expense $$150,000; Credit Patents 150$$,000

A company amortizes a patent costing \$150,000 over 5 years. What is the journal entry for the annual amortization expense?