(Answered) Question - french industries purchased a patent for 1480000

Accounting

Question - French Industries purchased a patent for $1,480,000 on October 31, 2015. It had a remaining legal life of 12 years at the time of purchase. French estimates that the remaining useful life of the patent is 18 years. What balance will be reported on the December 31, 2017 balance sheet for the patent (if necessary, round your answer to the nearest dollar)?

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