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Record amortization expense for the year ended December

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Reference no: EM132934942

Question - Crane Company purchases a patent for $148,800 cash on January 2, 2021. Its legal life is 20 years and its estimated useful life is 8 years.

Required -

a) Record the purchase of the patent on January 2, 2021.

b) Record amortization expense for the year ended December 31, 2021.

Reference no: EM132934942

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