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On December 1, 2022, Cullumber Company purchased a patent from Bramble Company for $908000 plus legal fees of $28000. The patent was recorded on Bramble'
On December 1, 2022, Cullumber Company purchased a patent from Bramble Company for $908000 plus legal fees of $28000. The patent was recorded on Bramble' books for $70000. It is estimated that the patent has a remaining useful life of 6 years. Use the following tabular analysis to make the adjustment for amortization expense for the year 2022. Assets = Liabilities + Accounts Payable Stockholders' Equity Common Retained Earnings Stock Rev. Exp. Div. Cash + Patents + + Increase Expenses and decrease Patents $13000. O Increase Revenue $838000 and decrease Cash $838000. O Increase Expenses and decrease Cash $5833. O Increase Expenses and decrease Patents $151333
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