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Bob Ltd undertook the following transactions in the financial year ending 30 June 2020. All the expenditures have been paid in cash. Provide journal entries to account for Bob Ltd's transactions.
Question a) Spent $40 000 to acquire a copyright during 2020, but after further consideration, the copyright can bring economic benefits worth $30 000 to Bob Ltd.
Date
Account
Debit
Credit
Question b) Spent $5 000 to promote the recognition of its brand name.
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