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The Fanfare Company applied for and received numerous patents at a total cost of $286,500 at the beginning of 2011.It is assumed the patents will be useful evenly during their full legal lives.At the beginning of 2013,the company paid $48,600 in legal fees for successful defense in a patent infringement suit.At the beginning of 2014,information became available that caused the company to reduce the remaining life of the patents to five years.
Calculate the amortization expense for the years 2011,2012,2013,and 2014.Round to the nearest dollar.
Experiential Association
The linking of two or more experiences in the mind, forming a connection between them that can influence thoughts and behavior.
Schema
A mental structure or idea that assists in arranging and understanding information from our surroundings.
Self-fulfilling Prophecy
A belief or expectation that directly or indirectly causes itself to become true, due to positive feedback between belief and behavior.
Self-fulfilling Prophecies
A prediction that directly or indirectly causes itself to become true, due to positive feedback between belief and behavior.
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