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Which of the following is the proper accounting treatment for a purchased patent? A purchased patent must be expensed A purchased patent must be capitalized

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Which of the following is the proper accounting treatment for a purchased patent? A purchased patent must be expensed A purchased patent must be capitalized and expensed each year to the extent that the value has declined A purchased patent must be capitalized and amortized over 20 years or less. A purchased patent must be capitalized and amortized over 70 years or less

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