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On July 1, 2019, Ennis, Inc. purchased a patent for $210,000 cash. Although the patent...

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Accounting

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On July 1, 2019, Ennis, Inc. purchased a patent for $210,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only 7 years. The patent has no residual value. Journalize the amortization expense for 2019. Assume straight-line amortization

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