Use the information provided in BE12-1. Assume that at January 1, 2012, the carrying amount of the
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Use the information provided in BE12-1. Assume that at January 1, 2012, the carrying amount of the patent on Celine Dion’s books is $43,200. In January, Celine Dion spends $24,000 successfully defending a patent suit. Celine Dion still feels the patent will be useful until the end of 2019. Prepare the journal entries to record the $24,000 expenditure and 2012 amortization.
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Related Book For 
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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