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ABC purchased a patented pharmaceutical drug for $3.4 million from a smaller company that does...

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Accounting

ABC purchased a patented pharmaceutical drug for $3.4 million from a smaller company that does not have the resources to commercialize the product. The product treats kidney disease and is named BlockXs. Generally, drug patents last for 20 years. However, the patent was applied for three years ago when clinical trials began.

Required:

Provide all related Journal Entries for ABC including initial recognition, annual entry and entry at end of life - assuming IFRS accounting treatment.

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