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Mags Corporation purchased a patent for $540,000 on September 1, 2016. It had a useful life of 10 years. On January 1, 2018, Mags spent
Mags Corporation purchased a patent for $540,000 on September 1, 2016. It had a useful life of 10 years. On January 1, 2018, Mags spent $132,000 to successfully defend the patent in a lawsuit. Mags feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2018?
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