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Question 1 On June 1, 2022, XYZ Co. purchased a franchise for $72,000. The franchise has a remaining legal and useful life of 15 years.

Question 1

On June 1, 2022, XYZ Co. purchased a franchise for $72,000. The franchise has a remaining legal and useful life of 15 years.

(a). Record the entry to purchase the franchise.

(b). Record the amortization expense for 2022.

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