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On January 1, 2015 Sky Company purchased a patent for $94,000. The company originally expected to use the patent for eight years and then sell
On January 1, 2015 Sky Company purchased a patent for $94,000. The company originally expected to use the patent for eight years and then sell it for $5,000. During 2021, management adjusted the total useful life of the patent to thirteen years and the residual value to $1,000. The company amortizes all patents using straight-line. The original cost of the patent is A. 89,000 B. 99,000 C. 95,000 D. 94,000
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