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What is the life of a patent and how is it determined

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Question - Redstone Company spent $190,000 developing a new process, $45,000 in legal fees to obtain a patent, and $91,000 to market the process that was patented. How should these costs be accounted for in the year they are incurred?

What is the life of a patent and how is it determined?

Is a patent amortized or impaired?  Explain?

Reference no: EM132454026

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