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Make entries to record tangible and adjusting entries

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Reference no: EM132481237

A company organized in 2020 has the transactions

Point 1: Jan 2 purchased patent(5 yr life) $350,000

Point 2: April 1 goodwill purchased (indefinite life) $360,000

Point 3: July 1 10yr franchise $3000,000

Point 4: Sept 1 research and development costs $150,000

Question 1: Make entries to record tangible and adjusting entries for Dec 31,2020

Reference no: EM132481237

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