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e2.19 an engineering firm acquired a patent on January 1, 20X1, for $220,000 which is expected to be of value to the firms operations for
e2.19 an engineering firm acquired a patent on January 1, 20X1, for $220,000 which is expected to be of value to the firms operations for the next 4 years, through December 31, 20X4.
a)What is the annual patent amortization expense?
b)What will be the book or carrying value of the intangible asset Patents on the firms statement of financial position as of December 31, 20X3?
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