Day Company purchased a patent from its inventor on January 1, 2021for 480,000. The patent had a legal life of 20 years and a useful life of 10 years. Day made small modifications to the patent of 2021 and spent 216,000 in legal fees on January 2, 2022, which resulted in a new patent having essentially the same benefits as the 2021 patent. The new patent's useful life is 12 remaining years. What amount of amortization expense would Day record on 12/31/22? a. 648,000 b. 654,000 c. 58,000 d. 72,000 s: b. Day 1 2021 480 . 20 10 . 216000 2 2022 2021. 12 . 22/31/12

Day Company purchased a patent from its inventor on January 1,2021 for 480,000. The patent had a legal life of 20 years and a useful life of 10 years. Day made small modifications to the patent of 2021 and spent 216,000 in legal fees on January 2, 2022 , which resulted in a new patent having essentially the same benefits as the 2021 patent. The new patent's useful life is 12 remaining years. What amount of amortization expense would Day record on 12/31/22 ? a. 648,000 b. 54,000 c. 58,000 d. 72,000 b. osl 216000 22/31/12