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MNO Corp acquired a patent for $120,000 on January 1st, 2023. The patent has a usefullifeof10years.Calculatetheannualamortizationexpenseforthepatentusing the straight-line method.

MNO Corp acquired a patent for $120,000 on January 1st, 2023. The patent has a useful life of 10 years. Calculate the annual amortization expense for the patent using the straight-line method.

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