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Prepare the journal entries to record the expenditure

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Question - Pronghorn Corporation purchases a patent from Crane Company on January 1, 2017, for $51,000. The patent has a remaining legal life of 16 years. Pronghorn feels the patent will be useful for 10 years. Assume that at January 1, 2019, the carrying amount of the patent on Pronghorn's books is $40,800. In January, Pronghorn spends $22,400 successfully defending a patent suit. Pronghorn still feels the patent will be useful until the end of 2026.

Required - Prepare the journal entries to record the $22,400 expenditure and 2019 amortization.

Reference no: EM132529322

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