Question: . On June 1 , 2 0 2 3 , Red Corporation purchased an existing business. With respect to the acquired assets of the business,

. On June 1,2023, Red Corporation purchased an existing business. With respect to the acquired assets of the business, Red allocated $300,000 of the purchase price to a patent. The patent will expire in 20 years. Determine the total amount that Red may amortize for 2023 for the patent. a. $0 b. $1,667 c. $11,667 d. $35,000

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