On April 1, Micro Apps paid $750,000 to acquire a patent on software. Micro Apps expects the
Question:
On April 1, Micro Apps paid $750,000 to acquire a patent on software. Micro Apps expects the patent to have a useful life of five years.
Requirements
1. Journalize the entry to record the purchase of the patent on April 1.
2. Journalize the entry to record amortization on December 31?
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