Heston Company acquired a patent on January 1, 2009, for $60,000. The patent has a remaining legal
Question:
Heston Company acquired a patent on January 1, 2009, for $60,000.
The patent has a remaining legal life of 15 years, but Heston expects to receive benefits from the patent for only five years. What amount of amortization expense does Heston record in 2009 related to the patent?
a. $4,000
b. $6,000
c. $12,000
d. None of the above—patents are not amortized.
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