Case-venture company

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Venture Company acquired patent rights on January 3, 2005, for $661,500. The patent has a useful life equal to its legal life of 15 years. On January 5, 2008, Venture successfully defended the patent in a lawsuit at a cost of $105,000.

Determine the patent amortization expense for the current yearended December 31, 2008.

Journalize the adjusting entry to recognize theamortization.

Reference no: EM13257653

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