What amount should be debited to the patent account


Lynne Corporation acquired a patent on May 1, 2008. Lynne paid cash of $20,000 to the seller. Legal fees of $800 were paid related to the acquisition. What amount should be debited to the patent account?

A) $800

B) $19,200

C) $20,000

D) $20,800

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Accounting Basics: What amount should be debited to the patent account
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