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On October 1, 2022, Gatwood Oil Inc. (a calendar year end corporation) purchased a patent for $450,000 with a legal life of 20 years. Management

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On October 1, 2022, Gatwood Oil Inc. (a calendar year end corporation) purchased a patent for $450,000 with a legal life of 20 years. Management estimates that the patent has an estimated useful life of 10 years. Compute amortization expense that will be recorded as an adjustment on December 31, 2022

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