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Day Co. has a patent with a cost of $30000, purchased on 1/1/Year11. The useful life is 10 years and the legal life is 20

Day Co. has a patent with a cost of $30000, purchased on 1/1/Year11. The useful life is 10 years and the legal life is 20 years. Amortization is calculated using the straight-line method.

How much amortization expense should Day Co. recognize for the year ended December 31, Year12?

What is the balance in the intangible account on the balance sheet at December 31, Year12?

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