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5. On January1, Orange Manufacturing paid $40,000 for a patent. Although it gives legal protection for 20 years, the patent is expected to provide a

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5. On January1, Orange Manufacturing paid $40,000 for a patent. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only eight years. Assuming the straight-line method of amortization, record the joumal 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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