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Prepare Bramble journal entries to record the purchase

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Reference no: EM132441588

Question - Bramble Corporation purchases a patent from Cullumber Company on January 1, 2020, for $71,000. The patent has a remaining legal life of 16 years. Bramble feels the patent will be useful for 10 years.

Required - Prepare Bramble's journal entries to record the purchase of the patent and 2020 amortization.

Reference no: EM132441588

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