The following are selected 1996 transactions of Graf Corporation. fan. 1 Purchased a small company and recorded

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The following are selected 1996 transactions of Graf Corporation.

fan. 1 Purchased a small company and recorded goodwill of $\$ 120,000$. The goodwill has a useful life of 55 years.

May 1 Purchased a patent with an estimated useful life of 5 years and a legal life of 17 years for $\$ 15,000$.

\section*{Instructions}

Prepare all adjusting entries at December 31 to record amortization required by the events above.

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Financial Accounting

ISBN: 9780471169208

2nd Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Jun 14, 2024 01:07 AM

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The following are selected 1996 transactions of Graf Corporation. fan. 1 Purchased a small company and recorded

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Financial Accounting

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