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Prepare Flint journal entries to record the purchase

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Question - Flint Corporation purchases a patent from Tamarisk Inc. on July 1, 2017, for $274,000. The patent has a remaining legal life of 9 years. Flint estimates the patent will have a useful life of 4 years, based on expected product innovations in the market. Prepare Flint's journal entries to record the purchase of the patent and 2017 amortization.

Reference no: EM133091805

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