Martinez Corporation purchases a patent from Carla Vista Company on January 1,2025 , for $54,000....
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Martinez Corporation purchases a patent from Carla Vista Company on January 1,2025 , for $54,000. The patent has a remaining legal life of 12 years. Martinez estimates the patent will have a useful life of 10 years, based on expected product innovations in the market. Prepare Martinez's journal entries to record the purchase of the patent and 2025 amortization. (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. List all debit entries before credit entries.)
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