On July 1, Sterns Co. acquired patent rights for $36,000. The patent has a useful life of 6 years and a legal life of 15 years. Journalize the adjusting entry on December 31 to recognize the amortization.Journal 
Definitions:
Management Philosophy
The beliefs and values that guide the managerial practices and decision-making process within an organization.
Jim Sinegal
Co-founder and former CEO of Costco Wholesale Corporation, known for his leadership and innovative retail strategies.
Costco Wholesale
An American multinational corporation that operates a chain of membership-only warehouse clubs, known for selling bulk quantities of merchandise at discounted prices.
Consensus
General agreement among a group of people, typically reached after discussion and sometimes negotiation.
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