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XYZ Corporation purchased a patent for $40,000. The patent has a legal life of 20 years. Calculate the yearly amortization expense using the straight-line method.

· XYZ Corporation purchased a patent for $40,000. The patent has a legal life of 20 years. Calculate the yearly amortization expense using the straight-line method. Additionally, determine the book value of the patent at the end of the fifth year.

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