Question: Carterette Research Corporation registered a patent with the U S Patent
Carterette Research Corporation registered a patent with the U.S. Patent and Trademark Office. The total cost of obtaining the patent was $195,000. Although the firm believes the patent will be useful for only 10 years, it has a legal life of 20 years. What will Carterette Research Corporation record for its annual amortization expense? Show how it would be recorded in the accounting equation.
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