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Prepare journal entries associated with D&D

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Reference no: EM132493766

Point 1: D&D registered a patent on January 1, 20X0. The expected useful life of the patent was 10 years. The patent was capitalized at $110,000. The net book value at January 1, 20X7, was $33,000. On December 31, 20X7, the patent was tested for impairment and it was determined that it had no further value.

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Question 1: Prepare all necessary journal entries associated with D&D's equipment patent for 20X7 in accordance to IFRS

Reference no: EM132493766

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