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Prepare the journal entry for amortization expense

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Question

On January 1st, 20x1, Lynn Company purchased a patent for $476,000. The patent is being amortized over its remaining legal life of 15 years. During 20x4, Lynn determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition.

Prepare the journal entry for amortization expense for 20x4. Show your work.

Reference no: EM132316290

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