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Prepare all adjusting entries at december

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Question - These are selected 2022 transactions for Flint Corporation.

Jan. 1 Purchased a small company and recorded goodwill of $199,000. Its useful life is indefinite.

May 1 Purchased a patent with an estimated useful life of 6 years and a legal life of 18 years for $135,000.

Required - Prepare all adjusting entries at December 31 to record amortization required by the events.

Reference no: EM133104213

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