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On January 1, Year 1, Martin Manufacturing Company paid $39,500 to obtain a patent. Even though the patent has a 20 year legal life, Martin
On January 1, Year 1, Martin Manufacturing Company paid $39,500 to obtain a patent. Even though the patent has a 20 year legal life, Martin expected itto have a 15 year useful life and a $2,000 salvage value. Which of the following shows how the recognition of patent expense will affect the Year 3 financial statements?
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