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What amount should be reported as amortization expense

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Question - On January 1, 2020, LMN Co. bought a trademark from PQR, Inc. for $500,000. An independent research company estimated that the remaining useful life of the trademark was 10 years. Its unamortized cost on PQR's books was $400,000. What amount should be reported as amortization expense on LMN's 2020 Income Statement?

Reference no: EM132539407

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