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On July 1, Greddy Manufacturing loses a lawsuit defending one of its patents paying $230,000 in legal fees. Assume that after the July 1 entry
On July 1, Greddy Manufacturing loses a lawsuit defending one of its patents paying $230,000 in legal fees. Assume that after the July 1 entry is recorded the patents account has a carrying value of $679,000, an $8,000 residual value, and a 6-year remaining life. Any amortization uses the straight-line method. Record both the July 1 journal entry for legal costs and any December 31 year-end adjusting entry for amortization. Please copy and paste the blank table below into your answer field and type in the necessary information. Note that not all lines may be needed. Date Account Debit Credit Paragraph ... Eg h
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