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Problem Five: The following are selected 2019 transactions of Penaok Corporation. Jan. 1 Purchased a small company and recorded goodwill of $200,000. Its useful life

Problem Five: The following are selected 2019 transactions of Penaok Corporation. Jan. 1 Purchased a small company and recorded goodwill of $200,000. Its useful life is indefinite. May 1 Purchased for $120,000 a patent with an estimated useful life of 5 years and a legal life of 20 years. Instructions Prepare necessary adjusting entries at December 31 to record amortization required by the events above

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