21 W Company acquired a patent on January 1, Year 1 for $100,000. The patent...
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Accounting
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W Company acquired a patent on January 1, Year 1 for $100,000. The patent had 15 years remaining on its legal life. The product under patent was expected to be marketable for 10 years from the date of acquisition. On January 1, Year 3, W Company paid $10,000 to successfully defend the patent from infringement. The defense did not change the patents legal or useful life.
Determine the carrying value of the patent at December 31, Year 3.
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