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(Solution) - Galena Company purchases a patent for 120 000 on January 2

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Galena Company purchases a patent for $120,000 on January 2, 2010. Its estimated useful life is 10 years.
(a) Prepare the journal entry to record patent expense for the first year.
(b) Show how this patent is reported on the balance sheet at the end of the first year.


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This question was answered on: Jul 11, 2017

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