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Prepare journal entry for keepers inc independent situations

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Reference no: EM132885002

Problem 1: Prepare journal entries for 2016 for the following independent situations. Assume each organization has a December 31st year-end.

  • Keepers Inc. purchased a patent for $425,000 on January 1st. Keepers estimates this patent to have a 5-year useful life.
  • Blue Bat Corporation purchases one of their main competitors on March 31. Blue Bat paid $90,000 for this purchase, which included assets of $70,000 and liabilities of $2,000. The goodwill is believed to have an indefinite benefit.

Reference no: EM132885002

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