van frank telecommunications has a patent on a cellular transmission process. the company has amortized the patent on a straight-line basis since 2020, when it was acquired at a cost of $25.2 million at the beginning of that year. 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 beginning of 2024. required: prepare the year-end journal entry for patent amortization in 2024. no amortization was recorded during the year.

In accounting, amortization is the systematic expense over the expected "useful economic lives" of intangible assets of the acquisition cost less the residual value to reflect their consumption,

expiration, obsolescence, or other reduction in value due to usage or time. The process of amortization may also refer to its conclusion, as in "the tower's amortization was anticipated in 1734." For tangible assets, depreciation is the comparable idea. The methodologies used to allocate depreciation to each accounting period are typically also used to allocate amortization. But many intangible assets, like goodwill and some brands, can be thought to have an endless useful life, therefore they are exempt from amortization (although goodwill is).

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