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On November 1, 2023, BCD Inc. purchased a patent for $20,000 with a useful life of 10 years. Record the journal entry for the purchase
- On November 1, 2023, BCD Inc. purchased a patent for $20,000 with a useful life of 10 years. Record the journal entry for the purchase and the annual amortization expense. Describe how these entries affect the financial statements.
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