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please show steps to get 2026 amortization expense. Blossom Corporation purchases a patent from Crane Company on January 1,2024 for $104,160. The patent has a
please show steps to get 2026 amortization expense.
Blossom Corporation purchases a patent from Crane Company on January 1,2024 for $104,160. The patent has a remaining legal life of 16 years. Blossom feels the patent will be useful for 10 years. Assume that at January 1, 2026, the carrying amount of the patent on Blossom's books is $83,328. In January, Blossom spends $24,800 successfully defending a patent suit. Blossom still feels the patent will be useful until the end of 2033. Prepare Blossom's journal entries to record straight-line amortization for 2024 and 2026 . (Credit account titles ore automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.) Step by Step Solution
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