Question: Metlock, Inc., spent $48,600 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to

Metlock, Inc., spent $48,600 in attorney fees while developing the trade name of its new product, the Mean Bean Machine.

Prepare the journal entries to record the $48,600 expenditure and the first year’s amortization, using an 6-year life. Use the account title "Trade Names"

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