Berry Company purchases a patent on January 1,2024, for $40,000 and the patent has an...

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Accounting

Berry Company purchases a patent on January 1,2024, for $40,000 and the patent has an expected useful life of five years with no residual value. Assumin Berry Company uses the straight-line method, what is the carrying value of the patent on December 31,2025?
Multiple Choice
$21,000
$24,000
$34,000
$29,000
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