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Blue Spruce Corporation purchased a patent from MaFee Corp. on January 1, 2020, for $88,350. The patent had a remaining legal life of 15 years.

Blue Spruce Corporation purchased a patent from MaFee Corp. on January 1, 2020, for $88,350. The patent had a remaining legal life of 15 years. Prepare Blue Spruce's journal entries to record the 2020 patent purchase and amortization for the year.

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