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Prepare journal entry to record the acquisition of patent

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Reference no: EM133228096

Jakes, Inc. acquired a patent on January 1 for $120,000 cash. The patent was estimated to have a useful life of 20 years with no residual value.

Part a. Prepare the journal entry to record the acquisition of the patent on January 1.

Part b. Prepare the journal entry to record the annual amortization on Dec. 31.

Reference no: EM133228096

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