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In January, 2018, Simply Corporation purchased a trademark for $600,000. At the time of purchase, the trademark was estimated to have an useful life of
In January, 2018, Simply Corporation purchased a trademark for $600,000. At the time of purchase, the trademark was estimated to have an useful life of 20 years. At the end of 2020, the trademark was permanently removed from the balance sheet because the company lost a legal battle on the trademark. What amount should the company charge to expense during 2020, assuming amortization is recorded at the end of each year
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