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Nitro Company acquired patent rights on January 3, 2017, for $935,000. The patent has a...

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Question

Accounting

Nitro Company acquired patent rights on January 3, 2017, for $935,000. The patent has a useful life to its legal life of 20 years.

Instructions

  1. Determine the patent amortization for the current year ended December 31, 2017.
  2. Journalize the adjusting entry to recognize the amortization.

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