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What amount reported in the statement of financial position

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Question - Presented below is selected information for Laith Company. Laith purchased a patent from Usman Co. for $1,500,000 on January 1, 2017. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2027. During 2019, Laith determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition.

Required - What amount should be reported in the statement of financial position for the patent, net of accumulated amortization, at December 31, 2019?

Reference no: EM132855846

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