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Galena company purchases a patent

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Reference no: EM131140325

Galena Company purchases a patent for $120,000 on January 2, 2010. Its estimated useful life is 10 years.

(a) Prepare the journal entry to record patent expense for the first year.

(b) Show how this patent is reported on the balance sheet at the end of the first year. 

Reference no: EM131140325

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