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Prepare all adjusting entries at december

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Reference no: EM132201912

Question - These are selected 2017 transactions for Novak Corporation:

Jan. 1 Purchased a copyright for $93,600. The copyright has a useful life of 6 years and a remaining legal life of 35 years.

Mar. 1 Purchased a patent with an estimated useful life of 5 years and a legal life of 25 years for $85,200.

Sept. 1 Purchased a small company and recorded goodwill of $151,550. Its useful life is indefinite.

Prepare all adjusting entries at December 31 to record amortization required by the events.

Reference no: EM132201912

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