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Berry Co. purchases a patent on January 1, 2021, for $33,000 and the patent has...

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Accounting

Berry Co. purchases a patent on January 1, 2021, for $33,000 and the patent has an expected useful life of five years with no residual value. Assuming Berry Co. uses the straight-line method, what is the carrying value of the patent on December 31, 2022

Multiple Choice

  • $19,800.

  • $16,800.

  • $29,800.

  • $23,200.

Answer & Explanation Solved by verified expert
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