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Sheridan Company purchases a patent for $ 1 5 3 , 7 0 0 on January 2 , 2 0 2 5 . Its estimated

Sheridan Company purchases a patent for $153,700 on January 2,2025. Its estimated useful life is 10 years.
Account Titles and Explanation
Debit
Credit
(b) Show how this patent is reported on the balance sheet at the end of the first year.
Sheridan Company Balance Sheet (Partial)
image text in transcribed

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