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Record the journal entries for each of the following: Domino Company acquires a patent from Evia Inc. for $2,700,000 on 07/01/23. Evia Inc. spent $1.575,000

Record the journal entries for each of the following:


  • Domino Company acquires a patent from Evia Inc. for $2,700,000 on 07/01/23. Evia Inc. spent $1.575,000 on the research and development of the patent. The patent has a remaining life of 12 years.
  • On 10/01/23 Domino Company spent $165,000 in legal costs in a trademark defense suit. The trademark was unsuccessfully defended.
  • On December 31st, Domino Company recorded amortization. The company prepares financial statements annually.

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