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Prepare journal entries associated with the patent

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Reference no: EM132929666

On January 4, 2016, Franc Company purchased for $24,000 a patent that had been filed 8 years earlier. The patent covers a manufacturing process that the company plans to use for 15 years. On January 3, 2017, the company paid its lawyers $11,000 for successfully defending the patent in a lawsuit.

Problem 1: Prepare Journal entries associated with the patent in 2016 and 2017.

Reference no: EM132929666

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