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Now assume that Alpha sold the patent to Omega in Year 1, for $18 million.Answer these three questions. What entry would Alpha make to record

Now assume that Alpha sold the patent to Omega in Year 1, for $18 million.Answer these three questions.

What entry would Alpha make to record the sale of the patent?

Who would amortize the patent in Year 1, and what would be the amount of the amortization?

What consolidation entry or entries, if any is needed in Year 1?

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