How many entries will there be for each question? (eg. how many debits or credits?)
- On June 1, ABC Inc. purchased a patent for $75,000 with a of 10 years. Prepare the to amortize the patent at the end of the first Inc. follows a .
- On January 4, ABC Inc. purchased a music distributor’s collection of lyrics and songs for $425,000. The copyrights are expected to last another 10 years. Prepare the journal entry to amortize the copyright at the end of the first year.
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