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Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1 , 2 0 1 9 , for $ 7 2 , 0

Mystic Pizza Company purchased a patent from Prime Pizza Plus on January

1, 2019,

for $

72, 000 .

The patent

has a remaining legal life of

9

years. Prepare the journal entries to record the acquisition and the amortization for

2019,

assuming Mystic Pizza amortizes its patents using the straight

-

line method over the life of the asset.

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