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Company V acquired a patent for $80,000 with a useful life of 10 years. Calculate the annual amortization expense using the straight-line method and provide

Company V acquired a patent for $80,000 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. Also, determine the carrying value of the patent at the end of the second year.

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