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Ramsay Enterprises incurred research and development costs of $450,000 and legal fees of $18,000 to...

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Accounting

Ramsay Enterprises incurred research and development costs of $450,000 and legal fees of $18,000 to acquire a patent. The patent has a legal life of 15 years and a useful life of 9 years. What amount should Ramsay record as Patent Amortization Expense in the first year?
$52,000
$31,200
$1,200
$2,000
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