Felipe Company purchases a patent for $150,000 on January 2, 2006. Its estimated useful life is 10

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Felipe Company purchases a patent for $150,000 on January 2, 2006. Its estimated useful life is 10 years.

(a) Prepare the journal entry to record patent expense for the first year.

(b) Show how this patent is reported on the balance sheet at the end of the first year.

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