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Business, 30.03.2021 04:10 EllaSue

Danks Corporation purchased a patent for $405,000 on September 1, 2019. It had a useful life of 10 years. On January 1, 2021, Danks spent $99,000 to successfully defend the patent in a lawsuit. Danks feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2021?

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Danks Corporation purchased a patent for $405,000 on September 1, 2019. It had a useful life of 10 y...
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