Latupatula Corporation purchased a patent from MaFee Corp. on January 1, 2014, for $87,000. The…

Latupatula Corporation purchased a patent from MaFee Corp. on January 1, 2014, for $87,000. The patent had a remaining legal life of 16 years. Prepare Latupatula s journal entries to record the 2014 patent purchase and amortization.

 

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