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Munn Inc. has transactions and other information relating to intangible assets as follows. . Munn Inc. paid $192,000 to purchase a patent from Grey Company on January 2, 2020, when the remaining legal life was 16 years. 2. On January 1, 2021, Munn determined that the remaining useful life of the patent was only ten years from the date of its acquisition. Required: Given the information above, prepare all necessary journal entries in 2020 and 2021. Note: You may create a table as follows to organize your journal entries.

Munn Inc. has transactions and other information relating to intangible assets as follows. . Munn Inc. paid $192,000 to purchase a patent from Grey Company on January 2, 2020, when the remaining legal life was 16 years. 2. On January 1, 2021, Munn determined that the remaining useful life of the patent was only ten years from the date of its acquisition. Required: Given the information above, prepare all necessary journal entries in 2020 and 2021. Note: You may create a table as follows to organize your journal entries.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Munn Inc. has transactions and other information relating to intangible assets as follows. 1. Munn Inc. paid $192,000 to purchase a patent from Grey Company on January 2, 2020, when the remaining legal life was 16 years. 2. On January 1, 2021, Munn determined that the remaining useful life of the patent was only ten years from the date of its acquisition. Required: Given the information above, prepare all necessary journal entries in 2020 and 2021. Note: You may create a table as follows to organize your journal entries. Date Account titles Debit Credit Cash 10,000 Sales Revenue 10,000
Transcribed Image Text:Munn Inc. has transactions and other information relating to intangible assets as follows. 1. Munn Inc. paid $192,000 to purchase a patent from Grey Company on January 2, 2020, when the remaining legal life was 16 years. 2. On January 1, 2021, Munn determined that the remaining useful life of the patent was only ten years from the date of its acquisition. Required: Given the information above, prepare all necessary journal entries in 2020 and 2021. Note: You may create a table as follows to organize your journal entries. Date Account titles Debit Credit Cash 10,000 Sales Revenue 10,000
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