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Prepare the journal entries on books of twilight corporation

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Reference no: EM132913834

Twilight Corporation purchased patents from other businesses. The first patent was purchased on March 1, 2021 for $65,500 and was expected to have a useful life ending December 31, 2023. The second patent was purchased on August 1, 2021 for $62,400 and was expected to have an indefinite useful life.

  • On January 1, 2022, Twilight determined that the second patent would no longer have an indefinite useful life, and in fact would have a useful life of another 7 years, beginning January 1, 2022.
  • On May 1, 2022, Twilight Corporation purchased a third patent for $8,775. This patent has an effective useful life ending December 31, 2023.
  • Twilight Corporation has a December 31 year end and follows ASPE.

Required

Problem 1: Prepare the journal entries on the books of Twilight Corporation to record each of the above transactions, including any year-end journal entries required for amortization.

Reference no: EM132913834

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