Innovative Technologies, Inc. incurred research and development costs of $150,000 and legal fees of $42,000...
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Accounting
Innovative Technologies, Inc. incurred research and development costs of $150,000 and legal fees of $42,000 to acquire a patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Innovative Technologies record as Patent Amortization Expense in the first year?
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