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On January 1, 2019, Al-Wakra Company purchased a patent for 100,000 QR, and the patent registration costs amounted to 15,000 QR. The contractual period for
On January 1, 2019, Al-Wakra Company purchased a patent for 100,000 QR, and the patent registration costs amounted to 15,000 QR. The contractual period for a patent is 5 years. While the legal period for the patent is 10 years. Therefore, the amortization adjusting entry at the end of the first year will be as follows: Amortization expense is debit and patent is credit with 23.000 QR B.) Amortization expense is debit and patent is credit with 11,500 QR c.) Amortization expense is debit and patent is credit with 20,000 QR D.) Amortization expense is debit and accumulated amortization is credit with 23,000 OR
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