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Wildhorse Company incurred research and development costs of $109000 and legal fees of $49000 to develop a patent. The patent has a legal life of

Wildhorse Company incurred research and development costs of $109000 and legal fees of $49000 to develop a patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Wildhorse record as Patent Amortization Expense in the first year?

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