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Mikell Company purchased a patent from another company for $40,000. The patent's remaining useful life is 6 years, and its remaining legal life is 8

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Mikell Company purchased a patent from another company for $40,000. The patent's remaining useful life is 6 years, and its remaining legal life is 8 years. How much amortization expense should Mikell record for the first year? $5,000 $4,000 $0 because patents are never amortized $2.000 $6,667

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