=+E7-16 Recording amortization Obj 5

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a. $52,850 Venture Company acquired patent rights on January 3, 2005, for $661,500. The patent has a use¬

ful life equal to its legal life of 15 years. On January 5, 2008, Venture successfully defended the patent in a lawsuit at a cost of $105,000.

a. Determine the patent amortization expense for the current year ended December 31, 2008