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Business, 19.10.2019 03:30 kennedy5550

In january of 2018, the phillips company purchased a patent at a cost of $100,000. in addition, $10,000 in legal fees were paid to acquire the patent. the company estimated a 10-year useful life for the patent and uses the straight-line amortization method for intangible assets. in 2020, phillips spent $25,000 in legal fees for an unsuccessful defense of the patent. the amount charged to income (expense and loss) in 2018 related to the patent should be:

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In january of 2018, the phillips company purchased a patent at a cost of $100,000. in addition, $10,...
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