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Prepare necessary adjusting entries at December

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Question - The following are selected 2019 transactions of Pena?ok Corporation.

Jan. 1 Purchased a small company and recorded goodwill of $200,000. Its useful life is indefinite.

May 1 Purchased for $120,000 a patent with an estimated useful life of 5 years and a legal life of 20 years.

Instructions - Prepare necessary adjusting entries at December 31 to record amortization required by the events above.

Reference no: EM132510695

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