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Martinez, Inc. acquired a patent on January 1, 2016 for S41,300 cash. The patent was estimated to have a useful life of 10 years with
Martinez, Inc. acquired a patent on January 1, 2016 for S41,300 cash. The patent was estimated to have a useful life of 10 years with no residual value. On December 31, 2017, before any adjustments were recorded for the year, management determined that the remaining useful life was 7 years (with that new estimate being effective as of January 1, 2017). On June 30, 2018, the patent was sold for $26,300. (If no entry is required for a transaction event, select "No Journal Entry Required" in the first account field.) Required: a. Prepare the journal entry to record the acquisition of the patent on January 1, 2016. View transaction list Journal entry worksheet Record the entry for acquisition of patent. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2016 Record entry Clear entry View general journal
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