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On January 1,2022, Gamma Corporation purchased a patent for $500,000. At that date, the remaining...

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On January 1,2022, Gamma Corporation purchased a patent for $500,000. At that date, the remaining useful life of the patent was 10 years, i.e, until 12/31/2031. In January 2023 , Gamma successfully defended the patent in an infringement case at a cost of $150,000, but the remaining useful life of the patent was reduced to 12/31/28, i.e, 3 years shorter than the initial useful life. What amount of amortization expense should Gamma record on its Income Statement for 2023 ? $108,333 500000 $75000 |axmanon

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