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A company purchased a patent on January 1, 2018, for $100,000. The patent's legal life is 20 years but the company estimates that the patent's
A company purchased a patent on January 1, 2018, for $100,000. The patent's legal life is 20 years but the company estimates that the patent's useful life will only be 10 years from the date of acquisition. On January 1, 2019, the company paid legal costs of $13.500 in successfully defending the patent in an infringement suit. The amount of amortization expense to be reported on the company's income statement for the period ending December 31, 2019 is: A. $ 5,710 B. $ 12,611 C. $ 11,500 D. $ 13,375 E. $ 10,000
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