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On January 3, 2024, a company purchased a patent for $483,000 to manufacture a new type of chair. The patent has a remaining legal
On January 3, 2024, a company purchased a patent for $483,000 to manufacture a new type of chair. The patent has a remaining legal life of 12 years. The company plans to manufacture the chair for eight years and then sell the patent for $61,000. The company amortizes intangible assets using the straight-line method. On December 29, 2026, the company decides to sell the patent for $336,000. Assuming the company has a December 31 year-end, what is the gain or loss reported on the sale of the patent? Multiple Choice $74388 loss $11.250 gain $15.250 gan $1,250
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