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What is the gain or loss recorded on the sale of the patent

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Question - On June 2, 2021, Tabitha Co. purchased a franchise for $588,000 by signing a five-year contract. At the end of the five years, the franchise right reverts back to the seller. On September 1, 2023, Tabitha decides to sell the franchise right for $342,000. The company amortizes intangible assets using the straight-line method and records partial-year amortization based on the number of months in service. Assuming the company has a December 31 year-end, what is the gain or loss recorded on the sale of the patent?

Reference no: EM133092236

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