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Little Apple Company acquired patent rights on January 1, 2017 for $750,000. The patent has a legal life of 15 years and an estimated life

Little Apple Company acquired patent rights on January 1, 2017 for $750,000. The patent has a legal life of 15 years and an estimated life of 10 years.

a) Determine the patent amortization expense for the 2017.

b) Record the journal entry to recognize the amortization.

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