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Accounting Question: Can someone plese help me figout why the top part is wrong? I got the second half just fine... ure Brief Exercise 12-2
Accounting Question: Can someone plese help me figout why the top part is wrong? I got the second half just fine...
ure
Brief Exercise 12-2 Your answer is partially correct. Try again Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2014, for $59,340. Te patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 10 years. Assume that at January 1, 2016, the carrying amount of the patent on Celine Dion's books is $47,472. In January, Celine Dion spends $10,768 successfully defending a patent suit. Celine Dion still feels the patent will be useful until the end of 2023. Prepare the journal entries to record the $10,768 expenditure and 2016 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Patents 58240 Cash 58240 (To record expenditure of patents) Amortization Expense 7280 Patents (To record amortization expense) 7280 SHOW LIST OF ACCOUNTSStep by Step Solution
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