Make journal entries to account for Parker Ltd transactions

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Reference no: EM132703301

Question - Parker Ltd undertook the following transactions in the financial year ending 30 June 2021. All the expenditures have been paid in cash.

Required - Make journal entries to account for Parker Ltd's transactions.

(a) Spent $40 000 to develop a patent during 2021. Later in the year, a potential buyer offers $50 000 to buy the patent.

Reference no: EM132703301

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