On January 4, 2016, Franc Company purchased for $33,000 a patent that had been filed 8 years earlier. The patent

covers a manufacturing process that the company plans to use for 15 years. On January 3, 2017, the company paid its lawyers $8,800 for successfully defending the patent in a lawsuit.

What are the Journal entries associated with the patent in 2016 and 2017

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"