Quantum Technologies Company acquired patent rights on January 6, 20Y5, for $1,350,000. The patent has a useful life of 10 years. On January 7, 20Y8, Quantum Technologies successfully defended the patent in a lawsuit at a cost of $199,500.a. Determine the patent amortization expense for the current year ended December 31, 20Y8.b. Illustrate the effects on the accounts and financial statements to recognize the amortization.View Solution: Quantum Technologies Company acquired patent rights on January 6 20Y5

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