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1 On April 3, 2020, Rainbow Studios purchased a patent for $56,000 Its remaining legalite is 7 years and Rainbow Studios estimates that the potent

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1 On April 3, 2020, Rainbow Studios purchased a patent for $56,000 Its remaining legalite is 7 years and Rainbow Studios estimates that the potent will be useful for another 4 years. The correct adjusting entry to record amortization of the patent on December 31, 2020 is Multiple Choice Pry 4 of 26 ll Next > on 2 Eps.ppt Ch. 13-Lesson 1-5.ppt

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