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Purchased a patent for $20,000 for cash on January 1, 20X1. It has a useful life of 4 years. Required: Compute and record the amortization

Purchased a patent for $20,000 for cash on January 1, 20X1. It has a useful life of 4 years.

Required: Compute and record the amortization expense for the patent on December 31, 20X1.

Date	Account	Debit	Credit
December 31, 20X1

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