LRF Corporation purchased a patent for $500,000 on January 1, 2006....
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Accounting
LRF Corporation purchased a patent for $500,000 on January 1, 2006. It had a useful life of 5 years. On July 1, 2008, LRF spent $110,000 to successfully defend the patent in a lawsuit. LRF feels that as of July 1, 2008, the remaining useful life is 4.5 years. What amount should be reported for patent amortization expense for 2008?
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