Question

Paleota Company purchased a patent from Finise for $234,000. At the time of purchase, the patent had a remaining useful life of 10 years. Determine the patent amortization expense for the first year

Answer 1

Answer:

$23,400

Explanation:

Amortization expense = Cost of the patent/ useful life

$23,400 / 10 = $23,400

The amortization expense each year is $23,400.

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