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Draper Corporation acquired a patent for $3,000,000. The patent has a legal life of 20 years. Because of changing technology, this patent is expected to
Draper Corporation acquired a patent for $3,000,000. The patent has a legal life of 20 years. Because of changing technology, this patent is expected to generate revenue for only 10 years and have no residual value. The annual amortization expense for the patent is: (Round your final answer to the nearest dollar.) Group of answer choices $0 $300,000 $3,000,000 $150,000
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