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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Prepare journal entries for the Jolis Company for 2007. The Company uses Straight line method of amortization computed to the nearest month over the maximum allowable life. Assume the the company pays all cost in cash, unless otherwise indicated. A patent was purchases from the Totley Company for $500,000.00 on January 1, 2006. At the time, Jolis estimated the remaining useful life to be 10 years. The patent was carried on Tottley’s books at $20,000.00 when it sold the patent.
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