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Company spends $25,000 on development for new product. This company is also able to get a patent for the product's chemical formula on July 1,
Company spends $25,000 on development for new product. This company is also able to get a patent for the product's chemical formula on July 1, and spends $6,000 on the patent application fee. The useful life of the patents is 12 yrs. How much amortization expense does the company recognize on their income statement during the current year?
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