On July 1,Sterns Co.acquired patent rights for $36,000.The patent has a useful life of six years and a legal life of 15 years.Journalize the adjusting entry on December 31 to recognize the amortization.Journal 
Definitions:
Higher Wages
Compensation levels that exceed the minimum or average pay for a given role or industry, often used to attract or retain employees.
Sectoral Level
Pertains to the division or categorization of the economy or labor market into sectors based on economic activities.
National Level
A scale of operation or consideration encompassing an entire country.
International Level
Pertaining to or involving two or more nations or the global scope of activities.
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