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Mabasa Company purchases a patent for $150,000 cash on January 2, 2017. Its legal life is 20

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Mabasa Company purchases a patent for $150,000 cash on January 2, 2017. Its legal life is 20 years and its estimated useful life is 8 years.
(a) Record the purchase of the patent on January 2, 2017.
(b) Record amortization expense for the year ended December 31, 2017.
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Ashok Kumar Malhotra
Chartered Accountant - Accounting and Management Accounting for 15 years. QuickBooks Online - Certified ProAdvisor (Advance - QuickBooks Online for 3 years.
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