Question: Please provide the solution to this general accounting question using proper accounting principles. Apex Industries spent $75,000 on research and development and $40,000 on legal

Please provide the solution to this general accounting question using proper accounting principles.

Apex Industries spent $75,000 on research and development and $40,000 on legal fees to secure a patent. The patent has a legal life of 17 years but 1s expected to provide economic benefits for only 8 years. What amount should Apex record as Patent Amortization Expense in the first year? a. $14,375 b. $5,000 c. $6,765 d. $9,375

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