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Campanez Company purchases a patent for $247, 800 on January 2, 2017. Its estimated useful life is 14 years. Prepare the journal entry to record

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Campanez Company purchases a patent for $247, 800 on January 2, 2017. Its estimated useful life is 14 years. Prepare the journal entry to record amortization expense for the first year. Show how this patent is reported on the balance sheet at the end of the first year

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