Computing Subsequent Carrying Amount of Patents defended the patent in legal proceedings. The fair value...
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Computing Subsequent Carrying Amount of Patents defended the patent in legal proceedings. The fair value of the patent on December 31 of Year 2 , is now estimated to be $80,000 with a 2-year useful life. a. Record the entry for the legal fees of 532,000 , paid in cash. b. Record any adjusting entry required on December 31 of Year 2. c. Determine the carrying value of the patent on December 31 of Year 2. - Note: Round your final answers to the nearest dollar. c. Patent net carrying value, Dec. 31, Year 2$ x
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