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Question - Tamarisk Limited purchased a patent for $84,000 on June 1, 2019. Tamarisk has a calendar fiscal year end. Straight-line amortization is used for the patent, based on a five-year useful life, although the remaining legal life was 10 years. On May 31, 2021, Tamarisk paid $31,200 in legal fees to successfully defend this patent in court and now wants to revise the estimate of the patent's remaining useful life to 8 years, which is the same as its remaining legal life.
Required -
1. Record the purchase of the patent on June 1, 2019.
2. Record amortization expense for the fiscal years 2019 and 2020.
3. Record any necessary amortization prior to the change in the useful life of the patent.
4. Record the amortization expense for the remainder of the 2021 fiscal year.
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