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Power Industries has acquired a patent for $16,000. Its useful life is expected to be four years. When the company records the annual amortization, it

image text in transcribed Power Industries has acquired a patent for $16,000. Its useful life is expected to be four years. When the company records the annual amortization, it will Decrease amortization expense and decrease the specific intangible asset. Increase the specific intangible asset and decrease amortization expense. Increase amortization expense and decrease the specific intangible asset. Increase amortization expense and increase the specific intangible asset

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