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Prepare the entries on the books of bengals to record

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Reference no: EM132964249

Bengals Products Ltd. purchased a patent on January 1, 2020, for $ 2,120,000. At the time of the purchase, the patent had a remaining legal life of 18 years. In January 2023, Bengals spent $ 180,000 successfully defending the patent in court. One of the other results of the court case was the discovery that the patent would only have a remaining useful life of 8 years. Bengals' year-end was December 31.

Instructions

Prepare the entries on the books of Bengals to record:

a) the purchase of the patent,

b) the amortization for the year 2020,

c) the defence of the patent, and amortization for 2023.

Reference no: EM132964249

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