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Prepare the entries on the books of quebec to record

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Reference no: EM132497938

Quebec Products Ltd. purchased a patent on January 1, 2020, for $ 1,120,000. At the time of the purchase, the patent had a remaining legal life of 20 years. In January 2023, Quebec spent $ 92,000 successfully defending the patent in court. One of the other results of the court case was the discovery that the patent would only have a remaining useful life of 9 years. Quebec's year end was December 31.

Instructions

Question 1: Prepare the entries on the books of Quebec to record:

a) the purchase of the patent on January 1, 2020

b) the amortization of the patent for the year of 2020

c) the legal defence of the patent in 2023,

d) amortization for the year of 2023.

Reference no: EM132497938

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