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Sheridan Company purchases a patent for $153,700 on January 2, 2022. Its estimated useful life is 10 years. (a) Compute amortization expense for the first

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Sheridan Company purchases a patent for $153,700 on January 2, 2022. Its estimated useful life is 10 years. (a) Compute amortization expense for the first year. Amortization Expense (b) Show how this patent is reported on the balance sheet at the end of the first year. $

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