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EQ Company acquired a patent on January 1, Year 1 for $100,000. The patent had...

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Accounting

EQ Company acquired a patent on January 1, Year 1 for $100,000. The patent had 15 years remaining on its legal life. The product under patent was expected to be marketable for 10 years from the date of acquisition. On January 1, Year 3, EQ Company revised the estimate of the patents useful life to be 12 years from the date of acquisition.

Determine the carrying value of the patent at December 31, Year 3.

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