Crane company purchases a patent for $161,900 on january 2, 2022. its estimated useful life is 5 years. (a) prepare the journal entry to record amortization expense for the first year. (credit account titles are automatically indented when amount

Wilson company paid $5,000 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $5,000, and no adjustments had been made previously. the adjusting entry required on december 31 is: (a) debit cash. $5,000: credit prepaid insurance. $5,000. (b) debit prepaid insurance. $2,500: credit insurance expense. $2500. (c) debit prepaid insurance. $1250: credit insurance expense. $1250. (d) debit insurance expense. $1250: credit prepaid insurance. $1250. (e) debit insurance expense. $2500: credit prepaid insurance. $2500.

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Which three of the following expenses can student aid recover? -tuition -television -school supplies -parties and socializing -boarding/housing