On January 2, 2021, Harlan Company purchased a patent for $48,000. The patent has an estimated useful life of 25 years and a 20-year legal life. What entry would the company make at December 31, 2021 to record amortization expense on the patent?

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On January 2, 2021, Harlan Company purchased a patent for $48,000. The patent has an estimated
useful life of 25 years and a 20-year legal life. What entry would the company make at December 31,
2021 to record amortization expense on the patent?
Transcribed Image Text:On January 2, 2021, Harlan Company purchased a patent for $48,000. The patent has an estimated useful life of 25 years and a 20-year legal life. What entry would the company make at December 31, 2021 to record amortization expense on the patent?
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