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Prepare the journal entries associated with the patent

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Reference no: EM131759726

Question: On January 4, 2016, Franc Company purchased for $27,000 a patent that had been filed 8 years earlier. The patent covers a manufacturing process that the company plans to use for 15 years. On January 3, 2017, the company paid its lawyers $10,000 for successfully defending the patent in a lawsuit.

Required: Prepare all the journal entries associated with the patent in 2016 and 2017.

Reference no: EM131759726

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