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Determine the patent amortization expense for current year

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Reference no: EM133077040

Question - Dovetail Technologies Company acquired patent rights on January 6, 20Y5, for $1,350,000. The patent has a useful life of 17 years. On January 7, 20Y6, Dovetail Technologies successfully defended the patent in a lawsuit at a cost of $168,750.

Required -

a. Determine the patent amortization expense for the current year ended December 31, 20Y6. If required, round your answer to nearest whole value.

b. Illustrate the effects on the accounts and financial statements to recognize the amortization. For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Round your final answer to the nearest whole dollar.

Reference no: EM133077040

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