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Oriole Company incurred research and development costs of $91000 to develop a patent, and legal fees of $31000 to register the patent. The patent

Oriole Company incurred research and development costs of $91000 to develop a patent, and legal fees of $31000 to register the patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Oriole record as Patent Amortization Expense in the first year if the straight-line method is used?

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