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ELO corp. purchased a patent for 180000 on sept 1 2006. It had a useful life of 10yrs. Jan 1 2008. ELO spent 44000 to successfully defend the patent...

ELO corp. purchased a patent for 180000 on sept 1 2006. It had a useful life of 10yrs. Jan 1 2008. ELO spent 44000 to successfully defend the patent in a lawsuit. ELO feels that as of that date, the remaining useful life is 5yrs. What amount should be reported for patent amortization expense for 2008??
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Solution of 525040_ACC.doc

Question:ELO Corporation purchased a patent for $180,000 on September 1, 2006. It had a useful
life of 10 years. On January 1, 2008, ELO spent $44,000 to successfully defend the patent
in a...

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