Solved: Sandhill corporation acquired a patent on may 1 2017, Accounting Basics

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Sandhill corporation acquired a patent on may 1 2017

Question: Sandhill Corporation acquired a patent on May 1, 2017. Sandhill paid cash of $31000 to the seller. Legal fees of $2000 were paid related to the acquisition. What amount should be debited to the patent account?

A. $29000

B. $2000

C. $33000

D. $31000

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Accounting Basics: Sandhill corporation acquired a patent on may 1 2017

Reference No:- TGS02539793

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Accounting Basics: Sandhill corporation acquired a patent on may 1 2017

Reference No:- TGS02539793

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