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Answer and Explanation:
According to the situation, the solution of journal entries are as follows
1. Copyright Dr $300,000
To Cash $300,000
(being the purchase of copyright is recorded)
Here, we debited the copyright as it increased the assets and credited the cash as it decreased the assets
2. Amortization expense Dr ($300,000 ÷ 12 years) $25,000
To Accumulated amortization $25,000
(being the annual amortization is recorded)
Here we debited the amortization expense as it increased the expenses and credited the accumulated amortization as it decreased the assets
When milk has an absolute advantage in the production of two goods over Tommy, Milk IS MORE PRODUCTIVE IN PRODUCING BOTH GOODS THAN TOMMY.
A country or an individual is said to have absolute advantage in producing a good if the person can produce the good more efficiently economic wise.
