On January 2, 2018, Paxter Company was granted a patent. Paxter appropriately capitalized the $60,000 of costs
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the patent and estimated that its useful life would be 15 years.
On 4/1/21, Paxter successfully defended the patent in court, incurring $18,000 in legal costs. Soon after the legal action was completed, on 6/1/21,
Paxter sold the patent to the plaintiff for $120,000.
What journal entry will Paxter make to record the sale of the patent?
Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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