?

Financial Accounting

Free Version

Upgrade subject to access all content

Easy

K Co. Amortization Expense on Patent

FINACT-JJBNLS

On January 2, Year 7, K Company purchased a patent for \$48,000. The patent has an estimated useful life of 25 years and a 20-year legal life.

At December 31, Year 7, what dollar amount would be in the annual journal entry to record amortization expense on the patent?