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Record patent amortization

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Question - The project is completed in 2010, and a successful patent is obtained. The R & D costs to complete the project are $130,000. The administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2010 total $24,000. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization (full year) in 2010.

Reference no: EM131818525

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