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IBMCorporationacquiredapatentfor$600,000onJanuary1st,2023.Thepatenthasauseful lifeof25years.Calculatetheannualamortizationexpenseforthepatentusingthestraight-line method.

IBM Corporation acquired a patent for $600,000 on January 1st, 2023. The patent has a useful life of 25 years. Calculate the annual amortization expense for the patent using the straight-line method.

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