Racing engines inc purchased a patent from johnson

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Reference no: EM13611111

Racing Engines, Inc. purchased a patent from Johnson MotorsCorporation for $18,000,000 on January 1, 2007. The patent is beingamortized over its remaining legal life, twelve years. Calculatethe amount of amortization expense Racing Engines, Inc. shouldreport in 2007.

Reference no: EM13611111

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