Ivanhoe Company incurred research and development costs of $$90000$ to develop a patent, and legal fees of $$30000$ to register the 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 if the straight$-$line method is used?

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Solution Amount that Ivon s... View the full answer