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Drummer Corp purchased a patent for $405,000 on September 1, 2016. It had a useful life of 10 years. On January 1, 2018, Drummer spent
Drummer Corp purchased a patent for $405,000 on September 1, 2016. It had a useful life of 10 years. On January 1, 2018, Drummer spent $99,000 to successfully defend the patent in a lawsuit. Drummer feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2018?
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