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On January 1, 2015, Hi Teck Company purchased a patent for $36,000. The company originally expected to use the patent for twelve years and then

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On January 1, 2015, Hi Teck Company purchased a patent for $36,000. The company originally expected to use the patent for twelve years and then sell it for $6,000. During 2020, management adjusted the total useful life of the patent to nine years and the residual value to $8,000. The company amortizes all patents using straight-line

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