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i need answer Culver Industries Ltd, had one patent recorded on its books as at January 1, 2023. This patent had a book value of
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Culver Industries Ltd, had one patent recorded on its books as at January 1, 2023. This patent had a book value of $361,200 and a remaining useful life of 7 years. During 2023, Culver incurred research costs of $140,600 and brought a patent infringment suit against a competitor. On December 1, 2023, Culver received the good news that its patent was valid and that its competitor couid not use the process Culver had patented. The company spent $102,200 to defend this patent. At what amount should the patent be reported on the December 31,2023 statement of financial position, assuming monthly straight-fine amortization of patents? Patent, carrying amount, 12/31/23$ Step by Step Solution
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