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Posted on Aug 13, 2024

Eagle Corp. purchased a patent from Bobcat Inc. on January 1 , 2 0 2 4 for $ 4 5 0 , 0 0 0

Eagle Corp. purchased a patent from Bobcat Inc. on January

1, 2024

for $

450, 000 .

Bobcat Inc. had used the patent for five years prior to selling it to Eagle Corp. Assuming Eagle Corp. plans to use the patent for its full legal life, what amount of amortization expense would Eagle Corp. record on its

2024

income statement?

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