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Record the acquisition of the timber rights and the patent

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Question - On September 5, 2020, Nelson Lumber purchased timber rights in Northern Quebec for $441,000, paying $97,000 cash and the balance by issuing a non-current note. Logging the area is expected to take three years, and the timber rights will have no value after that time. On September 27, 2020, Nelson Lumber purchased a patent $156,000 for new logging equipment on account. It is expected that the patent will be technologically obsolete in 12 years. Nelson's year-end is December 31 and it uses the straight-line method to the nearest month to amortize intangibles.

Required -

1. Record the acquisition of the timber rights and the patent.

2. Record the purchase of timber rights.

Reference no: EM133054236

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