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Oriole Company purchases a patent for $177,600 on January 2, 2022. Its estimated useful life is 8 years. (a) Compute amortization expense for the first

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Oriole Company purchases a patent for $177,600 on January 2, 2022. Its estimated useful life is 8 years. (a) Compute amortization expense for the first year. Amortization Expense 177600 (b) Show how this patent is reported on the balance sheet at the end of the first year. Intangible Assets Patents (net of 22200 of amortization) 155400

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