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At what value will the copyright be recorded on January

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Reference no: EM132845708

Question - Fifle Company purchased a copyright from Filene Corporation on January 1, 20X4. Fifle agreed to make payments of $10,000 per year for 5 years, with the first payment being made immediately. The copyright will also be amortized over 5 years. Assume an interest rate of 7 percent per year is appropriate. At what value will the copyright be recorded on January 1, 20X4?

a. $43,872

b. $50,000

c. $44,390

d. $60,757

e. $40,000

Reference no: EM132845708

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