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This question has three parts. Thank you. On June 1, 2015, Marigold spent $18,720 to successfully prosecute a patent infringement suit. As a result, the
This question has three parts. Thank you.
On June 1, 2015, Marigold spent $18,720 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2015. Prepare all journal entries required in 2015 and 2016. (Round answers to 0 decimal places e.g. 8.564. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 2015 To record patents) 2015 (To record amortization expense) 2016 In 2017, Marigold determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2018. Prepare all journal entries required in 2017 and 2018. (Round answers to O decimal places, e.g. 8,564. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit CreditStep by Step Solution
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