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Exercise 8-28 (Algorithmic) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase price, $94,000 is all

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Patent $ 1,567
($94,000/15 years x 3/12)
Goodwill $ 9,400
($564,000/15 years × 3/12)
Total $10,967
The buyer is allowed to amortize a section 197 intangible over 15 years.
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