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Unformatted text preview: commercial substance, Monier should record the new equipment at A $14,750 B $13,750 C $11,500 D $7,500 Pastel Co. purchased a patent on January 1, 2005, for $714,000. The patent was being amortized over its remaining legal life of 15 years expiring on January 1, 2020. During 2008, Pastel determined that the economic benefits of the patent would not last longer than 10 years from the date of acquisition. What amount should be charged to patent amortization expense for the year ended December 31, 2008? A $47,600 B $71,400 C $81,600 D $142,800...
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- Summer '12