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On January 2, 2012, Milroy Company purchased a patent for $240,000. The patent has an 8-year estimated useful life and a legal life of 20

On January 2, 2012, Milroy Company purchased a patent for $240,000. The patent has an 8-year estimated useful life and a legal life of 20 years.

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Prepare the journal entry to record patent amortization.

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