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Pina Corporation purchases a patent from Blossom Company on January 1,2025 , for $59,000. The patent has a remaining legal life of 15 years. Pina
Pina Corporation purchases a patent from Blossom Company on January 1,2025 , for $59,000. The patent has a remaining legal life of 15 years. Pina estimates the patent will have a useful life of 10 years, based on expected product innovations in the market. Prepare Pina's journal entries to record the purchase of the patent and 2025 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)
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