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Make journal entries to record the purchase of the patent

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Reference no: EM133055282

Question - Missy Printers (MP) manufactures printers. Assume that MP recently paid $650,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only ten years.

Required - Assuming the straight-line method of amortization, make journal entries to record (a) the purchase of the patent and (b) amortization for the first full year.

Reference no: EM133055282

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