Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2015, for $54,000. The patent
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Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2015, for $54,000.
The patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 10 years.
Prepare Celine Dion’s journal entries to record the purchase of the patent and 2015 amortization.
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Related Book For 
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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