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Taylor Swift Corp purchases a patent from Whitney Houston Inc on January 1, 2025, for $54,000. The patent has a remaining legal life of 16

Taylor Swift Corp purchases a patent from Whitney Houston Inc on January 1, 2025, for $54,000. The patent has a remaining legal life of 16 years. Taylor Swift estimates the patent will have a useful life of 10 years, based on expected product innovations in the market. Prepare Taylor Swift's journal entries to record the purchase of the patent and 2025 amortization

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