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Unformatted text preview: Instead of using a contra-asset account to record accumulated amortization, most companies decrease the balance of the intangible asset directly. In such cases, amortization expense of $10,000 is recorded by debiting amortization expense for $10,000 and crediting the patent for $10,000. A similar entry would be made to record amortization expense for each type of intangible asset. The entry would include a debit to amortization expense and a credit to the accumulated amortization or intangible asset account....
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.
- Fall '10