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Dovetail Technologies Company acquired patent rights on January 6, 20Y5, for $1,655,000. The patent has...

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Accounting

Dovetail Technologies Company acquired patent rights on January 6, 20Y5, for $1,655,000. The patent has a useful life of 13 years. On January 7, 20Y6, Dovetail Technologies successfully defended the patent in a lawsuit at a cost of $248,250.

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Recording Amortization Dovetail Technologies Company acquired patent rights on January 6, 20YS, for $1,655,000. The patent has a useful life of 13 years. On January 7, 20Y6, Dovetail Technologies successfully defended the patent in a lawsuit at a cost of $248,250 a. Determine the patent amortization expense for the current year ended December 31, 20v6. If required, round your answer to nearest whole value. b. Illustrate the effects on the accounts and financial statements to recognize the amortization. For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect from the dropdown and leave the corresponding number entry box blank. Round your final answer to the nearest whole dollar Balance Sheet Statement of Cash Flows Assets Liabilities + Stockholders' Equity Dec. 31 Statement of Cash Flows Income Statement

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