On January 2, 2019, Adelphi Company purchased a patent for $265,000 plus $7,000 in legal...
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Accounting
On January 2, 2019, Adelphi Company purchased a patent for $265,000 plus $7,000 in legal fees. On that date, the patent had a remaining legal life of 13 years. Adelphi Company expects to use the patent for 8 years after which time it will be worthless. How much is the annual amortization expense for 2019? Round to nearest whole dollar.
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