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Keen Company acquired patent rights on January 10 of Year 1 for 5918,000 . The patent has a useful He equal to its legal he
Keen Company acquired patent rights on January 10 of Year 1 for 5918,000 . The patent has a useful He equal to its legal he of eight years. On January 7 of Yeat 4. Kleen successtully defended the patent in a lawsuit at a cost of 554.000 Required: a. Determine the patent amortzation expense for Year 4 ended December 31 b. Joumalize the adiusting entry on December 31 of Year 4 to recognce the amortization. Refer to the Charf of Accounts for exact wording of account tates a. Devermine the patent amortcabon expense for Year 4 ended December 31 . Round your answer to the nearest whiole dotar B. Joumaize the adjusting entry on December 31 of Year 4 to recognize the amortzation Fiefer to the Chart of Accounts for exact warding of account thtes
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