On January 2, 2016, Alpha Company purchased a patent for $72,000.
On January 2, 2016, Alpha Company purchased a patent for $72,000.
The patent has a remaining legal life of nine years and an expected service life of eight years. Use this information to submit the General Journal entry (without explanation) for December 31, 2016 end of the year adjusting entry. If no entry is required then write “No Entry Required.”
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