Cullumber Company purchased a patent on January 1, 2020 for $574000. The patent had a...
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Cullumber Company purchased a patent on January 1, 2020 for $574000. The patent had a remaining useful life of 10 years at that date. In January of 2021, Cullumber successfully defends the patent at a cost of $274800, extending the patents life to 12/31/32. What amount of amortization expense would Cullumber record in 2021?
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