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Mercedes Company acquired patent rights on January 1, 2019, for $59,500. The patent has a useful life equal to his legal life of 20 years.

Mercedes Company acquired patent rights on January 1, 2019, for $59,500. The patent has a useful life equal to his legal life of 20 years.

a. Determine the patent amortization expense for the current year ended December 31,

2019.

b. Journalize the adjusting entry to recognize the amortization.

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