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Question: 15.8 Umber Corporation acquired a patent on May 1, 2017. Umber paid cash of $91,000 to the seller. Legal fees of $2,400 were paid related to the acquisition. What amount should be debited to the patent account?

Question: 15.8 Umber Corporation acquired a patent on May 1, 2017. Umber paid cash of $91,000 to the seller. Legal fees of $2,400 were paid related to the acquisition. What amount should be debited to the patent account?

SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter14: Property Transactions: Capital Gains And Losses, § 1231, And Recapture Provisions
Section: Chapter Questions
Problem 75P
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What amount should be debited?

Question: 15.8 Umber Corporation acquired a patent on May 1, 2017. Umber paid cash of $91,000 to the seller. Legal fees of $2,400 were paid related to the acquisition. What amount should be debited to the patent account?
Transcribed Image Text:Question: 15.8 Umber Corporation acquired a patent on May 1, 2017. Umber paid cash of $91,000 to the seller. Legal fees of $2,400 were paid related to the acquisition. What amount should be debited to the patent account?
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