Isolution Company acquired patent rights on January 4, 2011, for $750,000. The patent has a useful life equal to its legal life of 15 years. On January 7, 2016, Isolution successfully defended the patent in a lawsuit at a cost of $75,000.
If required, round your answer to the nearest dollar.
a. Determine the patent amortization expense for the current year ended December 31, 2016.
$