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Question - Recording the Purchase of a Patent - On July 1, 2020, Beckham Inc. purchased a patent from a research firm by issuing 3,600 shares of its $1 par value common stock. On the date of purchase, the stock was trading on a public exchange for $8 per share. Record the purchase of the patent by Beckham Inc.
Note: Record the credit accounts in alphabetical order using the first letter of the account name.
On 3 February 2020, a plant owned by Patterson Equipment Ltd was damaged in a flood, Discuss the typical audit procedure
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