Bethany incurred $22,250 in research and experimental costs for developing a specialized product during July...
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Accounting
Bethany incurred $22,250 in research and experimental costs for developing a specialized product during July of year 1. Bethany went through a lot of trouble and spent $31,500 in legal fees to receive a patent for the product in August of year 3. Bethany expects the patent to have a remaining useful life of 10 years.
1. How much patent amortization expense would Bethany deduct in year 3 assuming she elected to amortize the research and experimental costs over 60 months?
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