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What is the purpose of amortization in accounting? Explain how it is different from depreciation. 2. A company purchases a patent for $100,000 with a

What is the purpose of amortization in accounting? Explain how it is different from depreciation. 2. A company purchases a patent for $100,000 with a useful life of 10 years. How would you calculate the annual amortization expense for this patent using the straight-line method? 

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