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Mystic pizza company purchased a patent from prime pizza

Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, Year 1 for $72,000. The patent has a remaining legal life of nine years. Prepare the journal entries to record the acquisition and the amortization for the first year, assuming Mystic Pizza Company amortizes its patents using the straight line method over the life of the asset.

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Accounting Basics: Mystic pizza company purchased a patent from prime pizza

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Accounting Basics: Mystic pizza company purchased a patent from prime pizza

Reference No:- TGS01150932

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