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On July 1, Sterns Co. acquired patent rights for $36,000. The patent has a useful life of 6 years and a legal life of 15

On July 1, Sterns Co. acquired patent rights for $36,000. The patent has a useful life of 6 years and a legal life of 15 years. Record the journal entry on December 31 to recognize the amortization expense for the year. In your journal entry be sure to clearly indicate what accounts/amounts you are debiting and what accounts/amounts you are crediting.

What should the journal look like?

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