Business, 18.12.2021 01:00 Justinoreilly71

ABC Corp has been using a 10 year total useful life on a patent which has been employed for 5 years. ABC had purchased it immediately after it was granted from another company for $20,000 which was the only cost to ABC relevant to the patent. At the very beginning of Year 6, ABC successfully defended it at a cost of $26,000 and decided to change the total useful life to its legal life. What is the amortization of the patent in Year 6

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