Flint Ltd. purchased a patent on September 1,2020 for $44,720. At the time of purchase,...
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Flint Ltd purchased a patent on September for $ At the time of purchase, Flint estimated that the patent's economic benefits would last until the end of fiscal year. Flint's fiscal yearend is December On April Flint sold the patent to another company. a Prepare the journal entry to record the sale, assuming Flint sold the patent for $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 for the amounts. List all debit entries before credit entries. Account Titles and Explanation Debit Credit Cash Loss on Disposal of Intangible Assets Amortization Expense Intangible Assets Patents 
Flint Ltd purchased a patent on September for $ At the time of purchase, Flint estimated that the patent's economic
benefits would last until the end of fiscal year. Flint's fiscal yearend is December On April Flint sold the patent to
another company.
a
Prepare the journal entry to record the sale, assuming Flint sold the patent for $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 for the amounts. List all debit entries before credit entries.
Account Titles and Explanation
Debit
Credit
Cash
Loss on Disposal of Intangible Assets
Amortization Expense
Intangible Assets Patents
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