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OpenStudy (anonymous):
Accounting question. Minton incurred $240,000 in an unsuccessful patent defense. It has a remaining unamortized cost of $126,000 is deemed worthless. Do I credit patent? (Intangible assets)
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OpenStudy (amistre64):
you should have a contra asset account that the liability was linked to.
OpenStudy (amistre64):
got a class to get to, but consider how the original journal entries looked in order to determine how to correct them.
OpenStudy (anonymous):
You are suggestion to look create the original entry and reverse it. Understood. Thanks.
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