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5. On January1, Blue Manufacturing paid $25,500 for a patent. Although it gives legal protection for 20 years, the patent is expected to provide a
5. On
January1,
Blue
Manufacturing paid
$25,500
for a patent. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only
three
years. Assuming the straight-line method of amortization, record the journal entry for amortization for Year 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
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