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Problem - Amortization entries - Greenleaf Company acquired patent rights on January 6, 2009, for $300,000. The patent has a useful life equal to its legal life of 12 years. On January 3, 2012, Greenleaf successfully defended the patent in a lawsuit at a cost of $72,000.
Required -
a. Determine the patent amortization expense for the current year ended December 31, 2012.
b. Journalize the adjusting entry to recognize the amortization.
Use the high-low method to estimate a cost formula for repairs and maintenance
Prepare the debit-credit analysis for each transaction. 6 Sells a house and lot for R. Craig; bills R. Craig $6,080 for realty services performed.
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Honest Joe had a balance of $31,000 in Accounts Payable at the beginning of June, and purchased $104,000. What amount did Yellow pay on account during June
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