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Prepare journal entries for 2017 for the following independent situations.Assume each organization has a December 31 year end.
a.Keepers Inc.purchases a patent for $225,000 on January 1st.Keepers estimates this patent to have a 5 year useful life.
b.Blue Bat Corporation purchases one of their main competitors on March 31,2017.Blue Bat paid $160,000 for this purchase which included assets of $120,000 and liabilities of $10,000.The goodwill is believed to have an indefinite benefit.
Peptidoglycan Cell Wall
The peptidoglycan cell wall is a rigid and supportive layer found in the cell walls of most bacteria, providing structural strength and protecting against osmotic pressure.
Nuclear Membrane
The lipid bilayer membrane which encloses the nucleus, separating its contents from the cytoplasm and regulating molecule passage.
Ribosomes
The cellular structures responsible for protein synthesis, found floating freely within the cytoplasm or attached to the endoplasmic reticulum.
Cellular Respiration
The metabolic process by which cells produce energy in the form of ATP from glucose, involving various biochemical pathways including glycolysis and the Krebs cycle.
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