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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Colmey Company acquired patent rights on January 3, 2004, for $472,500. The patent has a  use-
Â
                                                   ful life equal to its legal life of 15 years. On January 5, 2007, Colmey successfully defended the
patent in a lawsuit at a cost of  $75,000.
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a.       Determine the patent amortization expense for the current year ended December 31, 2007.
b.      Journalize the adjusting entry to recognize the amortization.
Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------acq-----------uis-----------iti-----------on -----------of -----------my -----------pos-----------ted----------- so-----------lut-----------ion-----------.Pl-----------eas-----------e p-----------ing----------- me----------- on-----------cha-----------t I----------- am----------- on-----------lin-----------e o-----------r i-----------nbo-----------x m-----------e a----------- me-----------ssa-----------ge -----------I w-----------ill----------- be-----------