Question

patents is debited or credited in final account​

Answer 1

Explanation:

Debits increase asset accounts, such as patents, and expense accounts, such as amortization expense. ... Credits decrease asset and expense accounts, and increase revenue, liability and shareholders' equity accounts.

patents is an so it goes in the assest side of the balance sheet.

Credit the balance in Patent Asset and debit Accumulated Amortization. If you derecognize with $500 of value left in Patent Asset, you can't amortize it but must record it as a loss.