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1on january 2 2013 david corporation purchased a patent for

1.On January 2, 2013, David Corporation purchased a patent for $500,000. The remaining legal life is 12 years, but the company estimated that the patent will be useful only for eight years. In January 2015, the company incurred legal fees of $45,000 in successfully defending a patent infringement suit. The successful defense did not change the company's estimate of useful life.

Required:
Prepare journal entries related to the patent for 2013, 2014, and 2015.

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Accounting Basics: 1on january 2 2013 david corporation purchased a patent for

Reference No:- TGS01175073

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Solution Preview :

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Accounting Basics: 1on january 2 2013 david corporation purchased a patent for

Reference No:- TGS01175073

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