Danks Corporation purchased a patent for $405.000 on September 1, 2019. It had a useful...
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Danks Corporation purchased a patent for $405.000 on September 1, 2019. It had a useful life of 10 years. On January 1, 2021, Danies spent 595,000 to successfully defend the patent in a lawsuit. Danks feels that as of that date, the remaining useful life is 5 years. a) What is the patents carrying value on December 31, 2020. after necessary year-end adjusting journal entries? b) Assume that you computed the patent's carrying value on December 31, 2020. to be 350.000 inw). What amount should be reported for patent amortization expense for 20217 Note: Do not use a s. Use commas in numbers: 3,000 not 3000
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