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Do you prepare reversing entry for patent amortization?
The company holds a patent on a toy which is amortized during year-end adjustments. The $25,000 patent's economic life is 10 years although the legal life is 20 years.
My adjusting entry: Patent Amortization 2,500 Patent 2,500 My reversing entry: Patent 2500 Patent Amortization 2500 |
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