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Thompson Company incurred research and development costs of $100,000 and legal fees of $70,000 to acquire a patent. The patent has a legal life of

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Thompson Company incurred research and development costs of $100,000 and legal fees of $70,000 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 Expenso in the first year? OSO- $14,000 OS 7.000 O$ 4,000

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