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Prepare the entries on the books of lions to record

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Reference no: EM132961850

Lions Products Ltd. purchased a patent on January 1, 2020, for $ 1,120,000. At the time of the purchase, the patent had a remaining legal life of 20 years. In January 2023, Lions spent $ 92,000 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 9 years. Lions' year-end was December 31.

Instructions

Problem 1: Prepare the entries on the books of Lions to record:

  1. the purchase of the patent,
  2. the amortization for the year 2020,
  3. the defence of the patent, and
  4. amortization for 2023.

Reference no: EM132961850

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