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Determine the patent amortization expense for current year

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Reference no: EM133128781

Question - Recording Amortization - Dovetail Technologies Company acquired patent rights on January 6, 20Y5, for $1,500,000. The patent has a useful life of 8 years. On January 7, 20Y6, Dovetail Technologies successfully defended the patent in a lawsuit at a cost of $252,000.

Required -

a. Determine the patent amortization expense for the current year ended December 31, 20Y6.

b. Illustrate the effects on the accounts and financial statements to recognize the amortization.

Reference no: EM133128781

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