Hi-Tech Corporation incurred $85,000 of research and development costs to produce a high technology solar computer, paid filing fees of $8,000 to register a patent on this product, and paid $52,000 to defend the patent against infringement by a competitor. All of these costs were incurred in 2002. Production of solar computers began on January 1, 2003. Assuming the patent has a useful life of 15 years, patent expense for 2003 is?
Financial Accounting Question?
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