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Tara Co . purchased a patent from Venice Co . for $ 3 , 0 0 0 , 0 0 0 on January 1 ,

Tara Co.purchased a patent from Venice Co.for $3,000,000on January1,Year1.The patent is being amortized over its remaining legal life of10years, expiring on January1,Year11.During Year3,Tara Co. determined
that the economic benefits of the patent would not last longer than 7 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31,
Year3?  

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