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Racing Engines, Inc. purchased a patent from Johnson Motors

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Racing Engines, Inc. purchased a patent from Johnson Motors Corporation for $18,000,000 on January 1, 2007. The patent is being amortized over its remaining legal life, twelve years. Calculate the amount of amortization expense Racing Engines, Inc. should report in 2007.
Submitted: 7 years ago.
Category: Homework
Expert:  Linda_us replied 7 years ago.

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