Waxman Company purchased a patent for $170,000 at the beginning of 2017 and estimated that its expected useful life was ten years.The patent has a legal life of 17 years.What amount should be recorded as amortization expense for the patent in 2017?

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The Answer of Waxman Company purchased a patent for $170,000 at the beginning of 2017 and estimated that its expected useful life was ten years.The patent has a legal life of 17 years.What amount should be recorded as amortization expense for the patent in 2017?

Waxman Company Purchased a Patent for $170,000 at the Beginning