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Dunder Mifflin Company incurred research and development costs of $100,000 and legal fees of $40,000 to acquire a patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Dunder Mifflin record as Patent Amortization Expense in the first year?
a. 0
b. 3,000
c. 6,500
d. 13,000
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Dunder Mifflin Company incurred research and development costs of $100,000 and legal fees of $40,000...
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