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please help Empire Company paid $650,000 to purchase a group of intangible assets. The estimated fair values are as follows. Required: 1. Determine the cost
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Empire Company paid $650,000 to purchase a group of intangible assets. The estimated fair values are as follows. Required: 1. Determine the cost assigned to each item 2. Prepare the journal entries to record the purchase of the assets. Operating Permit Internet Domain Name Order Backlog In-process research and development Estimated Fair Value 85,750 175,000 200,000 100,000 Account Debit Credit To record the basket purchase of intangible assets
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