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Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $18.90 million cost of the patent on a straight-line basis since it was acquired at the beginning of 2017. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the end of 2021.
Required:
Prepare the appropriate adjusting entry for patent amortization in 2013 to reflect the revised estimate.
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Van Frank Telecommunications has a patent on a cellular transmission process. The company has amorti...
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