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The Woodward Company acquired a patent on January 2nd for $125,000. The patent has a remaining legal life of 15 years, but Woodward expects to

The Woodward Company acquired a patent on January 2nd for $125,000. The patent has a remaining legal life of 15 years, but Woodward expects to receive benefits from the patent for only 5 years.

What is the amount of the annual depreciation related to the patent?

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