Red Design purchased a patent for $100,000 in January 2017. The patent was estimated to...
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Accounting
Red Design purchased a patent for $100,000 in January 2017. The patent was estimated to have a useful life of 10 years when it was purchased. In December 2019, the product was discontinued for safety reasons and permanently removed from the balance sheet. Assuming amortization is recorded at the end of every year, what amount should Red Design charge to expense during 2019? Please show all work.
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