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Home Q & A Board Other Fields Homework Help Business Accounting
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Fast2F Fast2F
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7 years ago
A company purchases a patent for $40,000. The patent will be amortized over 5 years. The entry to record the amortization in the first year is:
A) debit Patents $10,000; credit Amortization Expense, Patents $10,000.
B) debit Amortization Expense, Patents $40,000; credit Patents $40,000.
C) debit Patents $40,000; credit Cash $40,000.
D) debit Amortization Expense, Patents $8,000; credit Patents $8,000.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
Author:
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keytwokeytwo
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Fast2F Author
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#2
7 years ago
I’m very happy now Smiling Face with Open Mouth Thank you for the answe
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