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Crane Company purchases a patent for $144,400 cash on January 2, 2021. Its legal life is 20 years and its estimated useful life is 8

Crane Company purchases a patent for $144,400 cash on January 2, 2021. Its legal life is 20 years and its estimated useful life is 8 years.

Record the purchase of the patent on January 2, 2021.

Record amortization expense for the year ended December 31, 2021.

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