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Prepare the journal entry to record amortization expense

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Question - Blossom company purchased patent for 186,900 on January 2, 2023. Its estimated life useful 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: EM133176603

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