Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, 2019, for $72,000. The
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Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, 2019, for $72,000. The patent has a remaining legal life of 9 years. Prepare the journal entries to record the acquisition and the amortization for 2019, assuming Mystic Pizza amortizes its patents using the straight-line method over the life of the asset.
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Related Book For 
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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