On January 1, 2022, Gordon Company purchased a patent for $445,000 from an inventor who...
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On January 1, 2022, Gordon Company purchased a patent for $445,000 from an inventor who had developed a new manufacturing process. At the time of the purchase, the patent had a remaining useful life of 10 years. 3. Prepare the journal entry to record amortization of the patent on December 31, 2022 . Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the amortization of the patent on December 31, 2022. Note: Enter debits before credits
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On January 1, 2022, Gordon Company purchased a patent for $445,000 from an inventor who had developed a new manufacturing process. At the time of the purchase, the patent had a remaining useful life of 10 years. 3. Prepare the journal entry to record amortization of the patent on December 31, 2022 . Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the amortization of the patent on December 31, 2022. Note: Enter debits before credits 