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Inc. purchased a patent for $7 cash on January 1. The a. Give Randolph's journal entry to record the purchase of the patent. b. Give

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Inc. purchased a patent for $7 cash on January 1. The a. Give Randolph's journal entry to record the purchase of the patent. b. Give Randolph's journal entry on December 31 to record amortization for the first year on the patent

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