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8. Company H acquired a patent for $60,000 with a useful life of 10 years. Calculate the annual amortization expense using the straight-line



8.  
   Company H acquired a patent for $60,000 with a useful life of 10 years. Calculate the annual amortization expense using the straight-line method and provide the journal entry for the first year. Discuss the accounting treatment of intangible assets like patents.

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