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  3. on january 1, 2018, hall company purchased a paten

On January 1, 2018, Hall Company purchased a patent for $600,000. Hall expects to use...

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Question

Accounting

On January 1, 2018, Hall Company purchased a patent for $600,000. Hall expects to use the patent for 20 years and amortizes the patent using the straight-line method. Hall incurs $40,000 in legal costs to successfully defend the patent on January 1, 2020. Hall estimates that the remaining useful life of the patent to be 8 years.

Instructions:

  1. Prepare all necessary journal entries for 2020 and 2021.
  2. How would your answer change if the defense of the patent was unsuccessful?

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