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Thompson Company incurred research and development costs of $120,000 and legal fees of $50,000 to develop a patent. The patent has a legal life of

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Thompson Company incurred research and development costs of $120,000 and legal fees of $50,000 to develop 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? a. $5,000. b. $8,000. c. $6,000. d. $17,000

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