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Prepare the journal entry to record amortization expense

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Question - Crane Company purchases a patent for $158,500 on January 2, 2022. Its estimated useful life is 5 years.

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

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

Reference no: EM133140342

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