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Blue Corporation purchases a patent from Crane Company on January 1, 2017, for $41,000. The...

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Accounting

Blue Corporation purchases a patent from Crane Company on January 1, 2017, for $41,000. The patent has a remaining legal life of 13 years. Blue feels the patent will be useful for 10 years.

Prepare Blues journal entries to record the purchase of the patent and 2017 amortization.

Patents 41,000
Cash 41,000
Amortization Expense
Patents

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