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Question 9 1 pts Calico Inc. purchased a patent on a new drug. The patent cost $38,987. The patent has a life of 16 years,

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Question 9 1 pts Calico Inc. purchased a patent on a new drug. The patent cost $38,987. The patent has a life of 16 years, but Calico only expects to be able to sell the drug for 11 years. Calculate the amortization expense and record the journal for the first-year expense. Round to the nearest penny, two decimal places

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