Answer:
Amortization expense $6,000
To Patent $6,000
(Being the amortization expense is recorded)
Explanation:
The journal entry is shown below:
Amortization expense $6,000
To Patent $6,000
(Being the amortization expense is recorded)
The computation is shown below:
= Paid amount ÷ number of years
= $30,000 ÷ 5 years
= $6,000
While recording this transaction we debited the amortization expense as it increased the expenses account and credited the patent account as it decreased the asset account
