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Prepare the journal entries for the following independent situations: Records Plus paid for several patents on January 1, 2020 for a total price of $300,000.
Prepare the journal entries for the following independent situations:
- Records Plus paid for several patents on January 1, 2020 for a total price of $300,000. The patents have a legal life of 25 years and are expected to provide revenues for the next 12 years. Record the purchase on January 1, 2020 and the annual depreciation on December 31, 2020.
- January 1, 2020, PG Mower Ltd. paid $800,000 to acquire Garden Man Ltd. Garden Man had assets valued at $2,300,000 and liabilities of $1,650,000. Record the purchase in PG Mower Ltd.s records.
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Principles Of Auditing And Other Assurance Services
Authors: Ray Whittington, Kurt Pany
17th Edition
0077304454, 978-0077304454
