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On January 1, 2013, what is the value of the company's patent? Steinberg Corporation purchased a patent on January 1, 2000 for $42,000. The purchase

On January 1, 2013, what is the value of the company's patent? image text in transcribed
Steinberg Corporation purchased a patent on January 1, 2000 for $42,000. The purchase of the patent enabled the company to manufacture, sell, lease, or otherwise benefit from an invention for 15 years (from the date of acquisition). Steinberg Corporation had use of the patent for five years from January 1, 2000. On January 1, 2005, Steinberg Corporation was sued for patent infringement. A judgment was rendered fairly quickly (in less than a week's time) on the case -- in favor of Steinberg Corporation. That the company has rights to benefit from the invention for the remaining ten years of the patent's legal life is upheld. While the suit had little merit, the company was required to hire a lawyer for its defense. The lawyer charged the company $8.000 for his services. The lawyer's fee is capitalized to the value of the patent. The company went on to use the patent for ten more years. Note: Take note/screenshot of the information presented on this page, these will be the basis of your answers to the succeeding questions. This will not be presented again

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