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Danks Corporation purchased a patent for $675,000 on September 1, 2013. It had a useful...

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Accounting

Danks Corporation purchased a patent for $675,000 on September 1, 2013. It had a useful life of 10 years. On January 1, 2015, Danks spent $165,000 to successfully defend the patent in a lawsuit. Danks feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2015?

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