(Solved):Q: QUESTION 9 A com…

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QUESTION 9
A company buys a patent for $100,000 on 31 December 20X1. It expects to use the patent for the next 10 years, after which it will be valueless.

According to IAS 38 Intangible assets, compute the annual amortisation charge. What is the journal entry required to record the amortisation in the accounts for the year ended 31 December 20X2

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