Anchor acquires a trademark for $20,000. It pays $10,000 in cash and signs a $10,000 note payable due in 3 years. Cash will decrease and long-term liabilities will increase by the amount of the note. True or False.
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Anchor acquires a trademark for $20,000. It pays $10,000 in cash and signs a $10,000 note payable due in 3 years. Cash will decrease and long-term liabilities will increase by the amount of the note. True or False.
What do you think? To help you answer this do the journal entry to record the acquiring a trademark first. This is a simple problem to solve.
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