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Exercise 7-11 These are selected 2017 transactions for Monty Corporation: Jan. 1 Purchased a copyright for $221,900. The copyright has a useful life of 7
Exercise 7-11
These are selected 2017 transactions for Monty Corporation:
| Jan. 1 | Purchased a copyright for $221,900. The copyright has a useful life of 7 years and a remaining legal life of 34 years. | |
| Mar. 1 | Purchased a patent with an estimated useful life of 6 years and a legal life of 22 years for $137,880. | |
| Sept. 1 | Purchased a small company and recorded goodwill of $152,300. Its useful life is indefinite. |
Indicate the amount of amortization expense on December 31, 2017, for Monty Corporation.
| Amortization expense | $ |
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Financial Accounting
Authors: Bev Vickerstaff, Parminder Johal
1st Edition
1444170414, 978-1444170412
