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Mabasa Company purchases a patent for $150000 cash on January 2 2014 Its legal life is 20 years and its estimated useful life is 8 years

Mabasa Company purchases a patent for $150,000 cash on January 2, 2014. Its legal life is 20 years and its estimated useful life is 8 years. On January 5, 2015, Mabasa paid $30,000 cash to successfully defend the patent in court. (a) Record the purchase of the patent on January 2, 2014. (b) Record amortization expense for the year ended December 31, 2014. (c) Record the legal costs on January 5, 2015. (d) Calculate amortization expense for 2015.

Apr 24 2020 View more View Less

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