/ journal entry to record expenditures related to initial acquisitions.
I don't know how to record it in a
Patent 20,900
legal filling 14,500
Franchises 290,000
Equipment 409,000
Copyright 28,000

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Here exclusive right acquired is in the form of an intangible asset
An intangible asset is an identifiable asset that doesn't have physical substance.
Now , Journal Entry for acquiring right is
Patent A/C Dr 209,000
Legal Fee and filing fee A/C Dr 14,500
To Cash A/C 2,23,500
( Being Patent Acquired from Symmetry Corporation capitalized and recorded in books of accounts)
Note - Legal and filing fee can be amortized over the useful life of the Patent
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