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how? Marin Industries had one patent recorded on its books as of January 1, 2022. This patent had a book value of $368,640 and a
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Marin Industries had one patent recorded on its books as of January 1, 2022. This patent had a book value of $368,640 and a remaining useful life of 8 years. During 2022. Marin incurred research costs of $122,880 and brought a patent infringement suit against a competitor. On December 1, 2022. Marin received the good news that its patent was valld and that its competitor could not use the process Marin had patented. The company incurred $108,800 to defend this patent At what amount should the patentis) be reported on the December 31, 2022, statement of financial position, assuming monthly amortization of patents The amount to be reported $ 322560 Step by Step Solution
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