October 13, 2015

Homework Help: Accounting

Posted by Cathie on Saturday, April 25, 2009 at 6:12pm.

LRF Corporation purchased a patent for $450,000 on September 1, 2006. It had a useful life of 10 years. On January 1, 2008, LRF spent $110,000 to successfully defend the patent in a lawsuit. LRF feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2008?

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