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QUESTION 7 a). Fear the Deer, Inc. purchases a patent in the amount of $500,000...

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Accounting

QUESTION 7

a). Fear the Deer, Inc. purchases a patent in the amount of $500,000 cash. The account that gets debited is? The account that gets credited is?

b). Fear the Deer, Inc. purchased a $500,000 patent for cash. The expected life of the patent is 10 years. How much is the amortization expense in year 1?

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