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Prepare Carla Vista journal entries to record amortization

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Question - Carla Vista Corporation purchases a patent from Sandhill Company on January 1, 2020, for $99,120. The patent has a remaining legal of 16 years. Carla Vista feels the patent will be useful for 10 years. Assume that at January 1, 2022, the carrying amount of the patent on Carla Vista's books is $79,296. In January, Carla Vista spends $23,600 successfully defending a patent suit. Carla Vista still feels the patent will be useful until the end of 2029.

Prepare Carla Vista's journal entries to record the amortization for 2020 and 2022.

Reference no: EM132437216

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