Ivanhoe Company incurred research and development costs of $102000 and legal fees of $42000 to acquire a patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Ivanhoe record as Patent Amortization Expense in the first year?

$ 4200.

$ 14400.

$ 7200.

$ 0.

Answer rating: 100% (QA)

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