Solved: Elo feels that as of that date the remaining useful life is, Accounting Basics

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Elo feels that as of that date the remaining useful life is

Question - ELO corp. purchased a patent for 180000 on sept 1 2006. It had a useful life of 10yrs. Jan 1 2008. ELO spent 44000 to successfully defend the patent in a lawsuit. ELO feels that as of that date, the remaining useful life is 5yrs. What amount should be reported for patent amortization expense for 2008?

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Accounting Basics: Elo feels that as of that date the remaining useful life is

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