These are selected 2017 transactions for Wyle Corporation: Jan. 1 Purchased a copyright for $120,000. The copyright has a
 useful life of 6 years and a remaining legal life of 30 years
Mar. 1 Purchased a patent with an estimated useful life of 4years
 and a legal life of 20 years for $54,000.
Sept. 1 Purchased a small company and recorded goodwill of
 $150,000. Its useful life is indefinite.
Instructions: Prepare all adjusting entries at Dec. 31 to record amortizations required by the events.

Answer and Explanation:

The Journal entry is shown below:-

1. Amortization expense - copyrights $20,000  ($120,000 ÷ 6)

         To copyrights $20,000

(Being  amortization expense is recorded)

Here we debited the  amortization expense - copyrights as expenses is increasing and we credited the copyrights as assets is decreasing.

2. Amortization expense - Patents Dr, $11,250 ($54,000 ÷ 4) × 10 ÷ 12

          To Patents $11,250

(Being  amortization expense is recorded)

Here we debited the  amortization expense - patents as expenses is increasing and we credited the patents as assets is decreasing.

3. No Journal entry is required as IFRS good will is no longer granted to be amortized.

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