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Concord Corporation purchases a patent from Skysong Inc. on July 1, 2017, for $272,000. The patent has a remaining legal life of 9 years. Concord

Concord Corporation purchases a patent from Skysong Inc. on July 1, 2017, for $272,000. The patent has a remaining legal life of 9 years. Concord believes the patent will be useful for another 4 years based on expected innovations. Prepare Concords journal entries to record the purchase of the patent and 2017 amortization.

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