Celine dion still feels the patent will be useful until the


Question - Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2010, for $54,000. The patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 10 years. Assume that at January 1, 2012, the carrying amount of the patent on Celine Dion's' books is $43,200. In January, Celine Dion spends $24,000 successfully defending a patent suit. Celine Dion still feels the patent will be useful until the end of 2019. Prepare the journal entries to record the $24,000 expenditure and 2012 amortization.

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Accounting Basics: Celine dion still feels the patent will be useful until the
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