on July 1, 2015, ace manufacturing purchased a smaller company in the same industry. As...
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on July 1, 2015, ace manufacturing purchased a smaller company in the same industry. As part of the acquisition, ace recorded a patent asset for $28,800 and a good asset for $43,200.
The patent expires in 2033, but Ace has concluded that his economic useful life is 10 years from the purchase date. The goodwill has an indefinite life. How much amortization expense should Acerecognize for the intangible assets in 2015?
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