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On January 1, Red Manufacturing paid $45,000 for a patent. Although it gives legal protection...

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Accounting

On January 1, Red Manufacturing paid $45,000 for a patent. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only

six years. Assuming the straight-line method of amortization, record the journal entry for amortization for year 1.

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