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Waxman Company Purchased a Patent for $170,000 at the Beginning

Question 26

Multiple Choice

Waxman Company purchased a patent for $170,000 at the beginning of 2013, and estimated that its expected useful life was 10 years.The patent has a legal life of 17 years.What amount should be recorded as amortization expense for the patent in 2013?


A) $ -0-
B) $ 7,000
C) $10,000
D) $17,000

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