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Doffen Company acquired software licenses for $100,000 on July 1st, 2023. The licenses have an...

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Accounting

  1. Doffen Company acquired software licenses for $100,000 on July 1st, 2023. The licenses have an expected useful life of 4 years with no residual value. Doffen Company uses the straight-line depreciation method. Determine if the acquisition of software licenses should be considered material for the fiscal year ending December 31st, 2023, based on the materiality principle.

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