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Thompson Company incurred research and development costs of $100,000 and legal fees of $30,000 to acquire a patent. The patent has a legal life of
Thompson Company incurred research and development costs of $100,000 and legal fees of $30,000 to acquire a patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Thompson record as Patent Amortization Expense in the first year?
0 | ||
3,000 | ||
6,500 | ||
13,000 |
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