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Celine Dion Corp purchases a patent on 1/1/19 for $54,000. The patent has a remaining legal life of 20 years, with a residual value of
Celine Dion Corp purchases a patent on 1/1/19 for $54,000. The patent has a remaining legal life of 20 years, with a residual value of $1,400. Compute the amount of amortization that Celine Dion would have to journalize during the first year after the patent was established.
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