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Problem 2: (5 Points) On January 1, 2017, Ellis, Inc. purchased a patent for $200,000 cash. Although the patent gives legal protection for 20 years,

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Problem 2: (5 Points) On January 1, 2017, Ellis, Inc. purchased a patent for $200,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only 10 years. Journalize the amortization expense for 2017. Assume straight-line amortization

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