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Johnson Industries acquired a patent on January 2nd, 2015, for $18,000. The patent was estimated to have a useful life of five years. On July 1st, 2017, the company incurred legal fees of $7,500 to successfully defend the patent in an infringement suit. How much amortization expense will Johnson recognize on the Income Statement for the year ended December 31st, 2017? why?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92713110

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