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12. January 2, 2015, Koll, Inc. purchased a patent for a new consumer product for $800,000. At the time of purchase, the patent was valid
12. January 2, 2015, Koll, Inc. purchased a patent for a new consumer product for $800,000. At the time of purchase, the patent was valid for 15 years; however, the patent's useful life was estimated to be only 8 years due to the competitive nature of the product. On January 2, 2019, the product was permanently withdrawn from the market under governmental order because of a potential health hazard in the product. What amount should Koll charge against income during 2019, assuming amortization is recorded at the end of each year? a. $100,000 b. $480,000 c. $560,000 d. $500,000 e, none of the above
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