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Prepare novaks journal entries to record the purchase

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Question

Novak Corporation purchases a patent from Wildhorse Company on January 1, 2017, for $76,000. The patent has a remaining legal life of 13 years. Novak feels the patent will be useful for 10 years.

Prepare Novak's journal entries to record the purchase of the patent and 2017 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Reference no: EM132323087

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