Homework Help: Accounting

Posted by Bigboy2 on Saturday, April 25, 2009 at 6:08pm.

Maris Corporation acquired a patent on May 1, 2008. Maris paid cash of $25,000 to the seller. Legal fees of $1,000 were paid related to the acquisition. What amount should be debited to the patent account?
$1,000
$24,000
$25,000
$26,000

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