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Amortization of Intangible Assets MicroSystems Inc. acquired a patent for $183,900. MicroSystems amortizes the patent on a straight-line basis over its remaining economic life of

Amortization of Intangible Assets

MicroSystems Inc. acquired a patent for $183,900. MicroSystems amortizes the patent on a straight-line basis over its remaining economic life of 12 years.

Required:

Prepare the journal entry to record the amortization expense related to the patent.

Dec. 31

Amortization expense:

Patent:

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