On January 4 of year 1 a patent was acquired for $250,000 and is expected...
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Accounting
On January 4 of year 1 a patent was acquired for $250,000 and is expected to have value for 10 years. On January 6 of year 6, legal costs incurred to defend the patent were $60,000. At the time the patent had been in existence for 5 years. Determine the amount to be amortized for (answer in whole dollars, no currency symbol, no decimals) :
Year 1:
Year 6:
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