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Provide the entries the company will make

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Question - Baker Company purchased a patent on 1/1/2016 for $240m. The patent has a useful life of 5 years. The company also spent $150m in 2016 on research and development towards developing new patents. Provide the entries the company will make for the following transactions:

1. Purchase of the patent on 1/1/2016

2. Use of the purchased patent during 2016

3. Spent $150m on research and development in 2016

Reference no: EM131570077

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