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Yosuke Corporation - Instructions Prepare necessary...

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E10-8 The following are selected 2006 transactions of Yosuke Corporation. Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $60,000 a patent with an estimated useful life of 5 years and a legal life of 20 years.
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Unformatted text preview: Instructions Prepare necessary adjusting entries at December 31 to record amortization required by the events above. Dec. 31 Amortization Expense—Goodwill $3,750 Goodwill ($150,000 X 1/40) $3,750 31 Amortization Expense—Patent $8,000 Patents ($60,000 X 1/5 X 8/12) $8,000...
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