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Record journal entries and if required adjustment at year

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On June 8th, P3 successfully defended a lawsuit on a patent they had acquired 2 years earlier. The current capitalized patent costs are $125,000. P3 amortizes patents over 8 years. $98,000 was spent defending the lawsuit.

Question 1: Record the journal entries and if it required adjustment at year end

Reference no: EM132615386

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