ACCT-2301006 Principles of Financial Accta SPM deve Homework: Chapter 7 Homework Question 4, E7-35A (sim W 1867. LET Po 2.672 Morgan Printers incurred external.com of 1.000.000 for a perforawierpente Athoegh pet legalection to your wegeed to provide www Technological advances in the industry. More than thod of train Click the icon to view to formation) Read the remonte Requirement 1. Make journal entries to record (a) the purchase of a potent and amortization for you are reste www Start by recording (A) the purchase of the patient Journal Entry Accounts Palets Date Cr Debu 1.000.000 1.000.000 Cash Record (b) the amortization of the patent for year! Journal Entry Date Accounts Beba Cred CULO Co) the purchase of the patent and (b) amortization for year 1. (Record debits first, then credits Exclude explanations from any journal entries) al Entry More info After using the patent for five years, Morgan learned at an industry trade show that Fast Printers has patented a more efficient printer and will be selling this printer next quarter. Because of this new information, Morgan determined that the expected future cash flows from its patent were now only $410,000. The fair value of Morgan's patent on the open market was now zero. ar 1. nal Entry Print Done Checkans Clear all