Amount reported for patent amortization expenditure, Accounting Basics

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Amount reported for patent amortization expenditure

ELO Corporation purchased a patent for $180,000 on September 1, 2006. It had a useful life of 10 years. On January 1, 2008, ELO spent $44,000 to successfully defend the patent in a lawsuit. ELO feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2008?

a. $41,200.

b. $40,000.

c. $37,600.

d. $31,200.

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Accounting Basics: Amount reported for patent amortization expenditure

Reference No:- TGS095146

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Accounting Basics: Amount reported for patent amortization expenditure

Reference No:- TGS095146

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Accounting Basics: Amount reported for patent amortization expenditure

Reference No:- TGS095146

Recent Questions Asked Accounting Basics

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