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Track Town Co. had the following transactions involving intangible assets:
Jan. 1 Purchased a patent for leather soles for $10,000 and estimated its useful life to be 10 years.
Apr. 1 Purchased a copyright for a design for $15,000 with a life left on the copyright of 25 years. The estimated remaining (economic) life of the copyright is five years.
July 1 Purchased a trademark at a cost of $50,000. The estimated economic life of the trademark is 25 years. However, conservatism suggests it should be written off in five years.
REQUIRED
1. Using the straight-line method, calculate the amortization of the patent, copyright, and trademark.
2. Prepare general journal entries to record the end-of-year amortizations.
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