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Berry Co. purchases a patent on January 1, 2021, for $35,000 and the patent has an expected useful life of five years with no residual

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Berry Co. purchases a patent on January 1, 2021, for $35,000 and the patent has an expected useful life of five years with no residual value. Assuming Berry Co. uses the straight-line method, what is the carrying value of the patent on December 31, 2022? Multiple Choice $24,800 $21,000. $31,000 $18,000

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