Fusion Advertising purchased a patent on January 2 for $ 25,000. The patent has a useful life

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Fusion Advertising purchased a patent on January 2 for $ 25,000. The patent has a useful life of 5 years and a legal life of 20 years. Record the journal entry for the purchase of the patent and the adjusting entry at December 31 to recognize amortization.

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College Accounting

ISBN: 978-1111528126

11th edition

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

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