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Brief Exercise 12-1 Concord Corporation purchases a patent from Sheridan Company on January 1, 2017, for $70,000. The patent has a remaining legal life of

Brief Exercise 12-1

Concord Corporation purchases a patent from Sheridan Company on January 1, 2017, for $70,000. The patent has a remaining legal life of 16 years. Concord feels the patent will be useful for 10 years.

Prepare Concord's journal entries to record the purchase of the patent and 2017 amortization.

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