Amortization of Intangible Assets MicroSystems Inc. acquired a patent for $180,000. MicroSystems amortizes the patent on a straight-line basis over its remaining economic life of 12 years. Required: Prepare the journal entry to record the amortization expense related to the patent. Dec. 31 (Record amortization of patent)
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Home » Business » Amortization of Intangible Assets MicroSystems Inc. acquired a patent for $180,000. MicroSystems amortizes the patent on a straight-line basis over its remaining economic life of 12 years.