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Bramble Corporation purchases a patent from Marin Inc. on July 1, 2017, for $279,000. The patent has a remaining legal life of 9 years. Bramble
Bramble Corporation purchases a patent from Marin Inc. on July 1, 2017, for $279,000. The patent has a remaining legal life of 9 years. Bramble believes the patent will be useful for another 4 years based on expected innovations. Prepare Bramble's journal entries to record the purchase of the patent and 2017 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To record purchase of patents) (To record amortization of patents)
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