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Orange Inc purchased Patent A for $50,000 and spent $75,000 internally to create a product...

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Accounting

Orange Inc purchased Patent A for $50,000 and spent $75,000 internally to create a product that they ultimately received a patent for. When Patent A was purchased, Orange estimated it had a remaining useful life of 16 years, which is the same as the remaining legal life. What is the journal entry to record one year's amortization ?

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