Bleach Manufacturing purchased a patent from Blond Inc. for $30,000 on January 1, 2023. The patent has 6 years remaining on its term and is expected to bring in revenues to the company for the whole six years. The entry to record one year's amortization for the year ending December 31, 2023, is: Select one: O a. Debit Accumulated Amortization-Patents $30,000; credit Amortization Expense-Patents $30,000 O b. Debit Accumulated Amortization-Patents $5,000; credit Amortization Expense-Patents $5,000 c. Debit Amortization Expense-Patents $5,000; credit Accumulated Amortization-Patents $5,000 d. Debit Amortization Expense-Patents $30,000; credit Accumulated Amortization-Patents $30,000

Bleach Manufacturing purchased a patent from Blond Inc. for $30,000 on January 1, 2023. The patent has 6 years remaining on its term and is expected to bring in revenues to the company for the whole six years. The entry to record one year's amortization for the year ending December 31, 2023, is: Select one: O a. Debit Accumulated Amortization-Patents $30,000; credit Amortization Expense-Patents $30,000 O b. Debit Accumulated Amortization-Patents $5,000; credit Amortization Expense-Patents $5,000 c. Debit Amortization Expense-Patents $5,000; credit Accumulated Amortization-Patents $5,000 d. Debit Amortization Expense-Patents $30,000; credit Accumulated Amortization-Patents $30,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 10PB: For each of the following unrelated situations, calculate the annual amortization expense and...

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On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
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