rief Exercise 9-9 Ossom Company purchases a patent for $150,000 on January 2, 2017. Its estimated useful life is 6 years. Prepare the journal entry to record amortization expense for the first year. (Credit aCCount titles are automatically indented when amount is entered. Do not indent m e account titles and enter 0 for the amounts.) Count Titles and Explanation Debit Credit Show how this patent is reported on the balance sheet at the end of the first year.

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: a. Debit Accumulated Amortization-Patents $30,000; credit Amortization Expense-Patents $30,000 b. Debit Accumulated Amortization-Patents $5,000; credit Amortization Expense-Patents $5,000 O c. Debit Amortization Expense-Patents $5,000; credit Accumulated Amortization-Patents $5,000 O d. Debit Amortization Expense-Patents $30,000; credit Accumulated Amortization-Patents $30,000

The company purchased a piece of Equipment on 12/1/2023 for use in its business operations. The company financed this purchase 100% and began using the Equipment immediately. The details of the loan are below: Amount $100,000.00 Interest rate 8% Loan period (months) 24 Payment amount $4, 522.73 Start Date 12/1/23 1. explain why an amortization schedule is important and create one 2. Create the journal entry required to initially record this loan. 3. Create any adjusting entries needed at 12/31/2023. 4. Create the journal entry to record the first payment (assume a 1/1/2024 due date)

journal entries needed for march 31, sept 30, and dec 31

On June 1, 2024, Tech Company purchased a patent for $252,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only six years. Read the requirements. Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Credit Date Accounts and Explanation Debit June 1 Requirements 1. Journalize the purchase of the patent. 2. Journalize the amortization expense for the year ended December 31, 2024. Assume straight-line amortization. Print Done X

On October 22 the company signed a $450,000 10 years 5% note to purchase equipment. The note will be due in annual installments starting on September 30 of the next year.  journal entry is required

Entries for Installment Note Transactions On January 1, Year 1, Bryson Company obtained a $55,000, four-year, 11% installment note from Campbell Bank. The note requires annual payments of $17,728, beginning on December 31, Year 1. Question Content Area a.  Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. Note: Enter all amounts to the nearest whole dollar. Round Year 4 Interest Expense (up or down) to ensure the carrying amount is zero at the end of the note term. Amortization of Installment Notes Year EndingDecember 31 January 1Carrying Amount Note Payment(Cash Paid) Interest Expense(7% of January 1Note CarryingAmount) Decrease inNotes Payable December 31Carrying Amount Year 1   $fill in the blank b149b9fd0071019_1   $fill in the blank b149b9fd0071019_2   $fill in the blank b149b9fd0071019_3   $fill in the blank b149b9fd0071019_4   $fill in the blank b149b9fd0071019_5   Year 2   fill in the blank b149b9fd0071019_6…

Prepare all journal entries and adjusting journal entries necessary to record the information below for year 2022: On November 15, 2022, WTG purchased a patent for $49,500. It used an installment loan to purchase the patent. Payments are due on May 15 and November 15 of every year (so the first payment is due May 15 next year) for the next 5 years. The interest rate is 7%. See amortization table below: ■ Patent Loan Amortization Principal Interest Years Payments/year Payment Date 5/15/23 11/15/23 5/15/24 11/15/24 5/15/25 11/15/25 5/15/26 11/15/26 5/15/27 11/15/27 $49,500 7% 5 2 5,952 Interest Principal Payment Balance 49,500 5,952 45,281 5,952 40,913 5,952 36,393 5,952 5,952 5,952 5,952 5,952 5,952 5,952 1,733 4,219 1,585 4,367 4,520 4,678 4,842 941 5,011 765 5,187 584 5,368 396 5,556 201 5,751 1,432 1,274 1,110 31,715 26,873 21,862 16,675 11,307 5,751 0