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On April 3, 2022, Rainbow Studios purchased a patent for $56,000. Its remaining legal life...

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Accounting

On April 3, 2022, Rainbow Studios purchased a patent for $56,000. Its remaining legal life is 7 years. Rainbow Studios estimates that the patent will be useful for another 4 years. The correct adjusting entry to record amortization of the patent on December 31, 2022 is

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