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5. At the beginning of the year, a company purchased a patent for $100,000 cash. The company estimated the patent's useful life is 10 years.

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5. At the beginning of the year, a company purchased a patent for $100,000 cash. The company estimated the patent's useful life is 10 years. Answer the following questions showing all work: a. Journalize the purchase of the patent. b. Calculate and journalize the amortization for the first year assuming the company kept the patent all year

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