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Sage Hill, Inc., spent $91,000 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to record the $91,000 expenditure and the first year’s amortization, using an 10-year life. Use the account title "Trade Names".

Sage Hill, Inc., spent $91,000 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to record the $91,000 expenditure and the first year’s amortization, using an 10-year life. Use the account title "Trade Names".

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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Sage Hill, Inc., spent $91,000 in attorney fees while developing the trade name of its new product, the Mean Bean Machine.

Prepare the journal entries to record the $91,000 expenditure and the first year’s amortization, using an 10-year life. Use the account title "Trade Names". (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.

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