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Other Items  On December 31, 20XX, the company repaired a packaging machine at cost of $27,000.00. It is expected that the repair will extend the life of the machine by four years. No depreciation is necessary this year.  The company spent $50,000 to obtain and defend a patent for its formula for dog treats. The patent took effect on 1/1/20XX and provides 20 years of protection. The $50,000 amount was incorrectly charged to Misc. Expense  Make any necessary adjusting entries.

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Other Items On December 31, 20XX, the company repaired a packaging machine at cost of

$27,000.00. It is expected that the repair will extend the life of the machine by four years. No depreciation is necessary this year.

 The company spent $50,000 to obtain and defend a patent for its formula for dog treats. The patent took effect on 1/1/20XX and provides 20 years of protection. The $50,000 amount was incorrectly charged to Misc. Expense

Make any necessary adjusting entries.

 
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