Question: Required information Exercise 7-16B Record amortization expense (LO7-5) [The following information applies to the questions displayed below.] On January 1, Year 1, a company purchased

Required information Exercise 7-16B Record amortization expense (LO7-5) [The following information

Required information Exercise 7-16B Record amortization expense (LO7-5) [The following information applies to the questions displayed below.] On January 1, Year 1, a company purchased a patent for $255,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January Year 3, the company incurred legal fees of $75,000 in successfully defending a patent infringement suit. The successful defense did not change the company's estimate of useful life. The company's year-end is December 31. Exercise 7-16B Part 2 2. What is the balance in the Patent account at the end of Year 3? Balance in the Patents account

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