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Merck & Co., Inc. purchased land for $2,000,000 cash. The land has no salvage value and is expected to have an indefinite useful life. Calculate
Merck & Co., Inc. purchased land for $2,000,000 cash. The land has no salvage value and is expected to have an indefinite useful life. Calculate the annual amortization expense for the land if Merck & Co., Inc. uses the straight-line method. Also, explain how this expense is reported on the income statement and balance sheet.
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