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Cohen Company purchased a patent on 1/1/20X1 for $500m. The patent has a useful life...

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Accounting

Cohen Company purchased a patent on 1/1/20X1 for $500m. The patent has a useful life of 5 years. The company also spent $300m in 20X1 on research and development towards developing new patents. Provide the entries the company will make for the following transactions:

  1. Purchase of the patent on 1/1/20X1
  2. Use of the purchased patent during 20X1
  3. Spent $300m on research and development in 20X1

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