Prepare all adjusting entries to record amortization

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Reference no: EM131830546

Question: These are selected 2017 transactions for Wyle Corporation:

Jan. 1 Purchased a copyright for $120,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years.

Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $54,000.

Sept. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.

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

Reference no: EM131830546

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