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Flounder Company purchases a patent for $231,400 on January 2, 2020. Its estimated useful life...

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Accounting

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Flounder Company purchases a patent for $231,400 on January 2, 2020. Its estimated useful life is 13 years. Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automat manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Amortization Expense Patents SHOW LIST OF ACCOUNTS LINK TO TEXT Show how this patent is reported on the balance sheet at the end of the first year. Flounder Company Balance Sheet (Partial)

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