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Refer to the FASB Codification through the student access posted in the Welcome module. Indicate precisely the sections of the Codification that provide the information

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Refer to the FASB Codification through the student access posted in the Welcome module. Indicate precisely the sections of the Codification that provide the information for your response to the question. That is, enter the code in the format: of the Codification used to respond. Write the code for each paragraph Answer the following questions primarily in your own words. You may quote from the Codification if needed but be sure to indicate that you are presenting a quotation. Your responses should be concise and pertinent. XYZ Company acquires a patent for a sports drink on 2/1/23 for $300,000. The patent has six more years in its legal life, but XYZ believes that the patent will benefit the company for many years because it is very complex and will be difficult to replicate. XYZ is uncertain how to estimate the useful life of this patent or whether it should consider that the patent has an indefinite useful life. Where in the codification could XYZ look for guidance

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