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Prepare Concords journal entries to record the purchase

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Question - Concord Corporation purchases a patent from Sheridan Company on January 1, 2017, for $70,000. The patent has a remaining legal life of 16 years. Concord feels the patent will be useful for 10 years.

Required - Prepare Concord's journal entries to record the purchase of the patent and 2017 amortization.

Reference no: EM132529319

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