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Psi Corporation acquired a patent for $500,000 with a remaining legal life of 7 years. Calculate the annual amortization expense for the patent using the

Psi Corporation acquired a patent for $500,000 with a remaining legal life of 7 years. Calculate the annual amortization expense for the patent using the straight-line method, the book value of the patent after 4 years, the accumulated amortization after 2 years, and the total amortization expense over the patent's legal life.

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