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Required information [The following information applies to the questions displayed below.] Bethany incurred $20,500 in research and experimental costs for developing a specialized product
Required information [The following information applies to the questions displayed below.] Bethany incurred $20,500 in research and experimental costs for developing a specialized product during July of year 1. Bethany went through a lot of trouble and spent $23,250 in legal fees to receive a patent for the product in August of year 3. Bethany expects the patent to have a remaining useful life of 10 years. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) a. What amount of research and experimental expenses for year 1 year 2, and year 3 may Bethany deduct if she elects to amortize the expenses over 60 months? Year 1 2 3 Research and experimental expenses
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