Blossom purchased a patent in 2019 for $80,000. By December 31, 2024, after recording the annual...

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Blossom purchased a patent in 2019 for $80,000. By December 31, 2024, after recording the annual amortization expense on the patent, but before recording closing entries, the carrying amount of the patent was $51,600. Recently, there have been technological advances in the field that have affected the recoverable amount of the patent. Blossom's controller performed some analysis and has arrived at the conclusion that the recoverable amount of the patent is $27.700. Prepare any necessary additional journal entry required for the fiscal year ended December 31, 2024. ( Ada Blossom purchased a patent in 2019 for $80,000. By December 31, 2024, after recording the annual amortization expense on the patent, but before recording closing entries, the carrying amount of the patent was $51,600. Recently, there have been technological advances in the field that have affected the recoverable amount of the patent. Blossom's controller performed some analysis and has arrived at the conclusion that the recoverable amount of the patent is $27.700. Prepare any necessary additional journal entry required for the fiscal year ended December 31, 2024. ( Ada

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Based on the analysis performed by Blossoms controller it appears that there has been a sig... View the full answer