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Power Industries has acquired a patent for $16,000. Its useful life is expected to be four years. Prepare the yearly journal entry to recognize periodic

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Power Industries has acquired a patent for $16,000. Its useful life is expected to be four years. Prepare the yearly journal entry to recognize periodic amortization. No entry is required 800 Amortization Expense-Patents Patents 800 4,000 Amortization Expense Accumulated Amortization-Patents 4,000 4,000 Amortization Expense-Patents Patents 4,000 Submit Answer Save for Later

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