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Prepare the journal entry to record amortization expense

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Reference no: EM132520502

Question - Cullumber Company purchases a patent for $177,800 on January 2, 2022. Its estimated useful life is 10 years.

a) Prepare the journal entry to record amortization expense for the first year.

b) Show how the patent is reported on the balance sheet at the end of the first year.

Reference no: EM132520502

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