On January 1,2017,Ellis,Inc.purchased a patent for $200,000 cash.Although the patent gives legal protection for 20 years,the patent is expected to be used for only 10 years.Journalize the amortization expense for 2017.Assume straight-line amortization.

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The Answer of On January 1,2017,Ellis,Inc.purchased a patent for $200,000 cash.Although the patent gives legal protection for 20 years,the patent is expected to be used for only 10 years.Journalize the amortization expense for 2017.Assume straight-line amortization.