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Prepare journal entry to record expenditure and amortization

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Reference no: EM132476723

Point 1: Novak Corporation purchases a patent from Wildhorse Company on January 1, 2020, for $69,000. The patent has a remaining legal life of 16 years. Novak feels the patent will be useful for 10 years. Assume that at January 1, 2022, the carrying amount of the patent on Novak's books is $55,200. In January, Novak spends $26,400 successfully defending a patent suit. Novak still feels the patent will be useful until the end of 2029.

Problem 1: Prepare the journal entries to record the $26,400 expenditure and 2022 amortization.

Reference no: EM132476723

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