Help

please

delended the patent in a lawsuit at a cost of $42,000. Pequired: a. Delermine the patent amortzation expense for Year 4 ended December 31. b. Joumalize the acfisting entry on December 3f of Year 4 to recegnive the amortivation. a. Determine the patent amortization expense for Year 4 ended December 31. Feedback Check My Work For intangible assets with finite lives, a company uses the straight-line method to calculate amortization. If a company successfully defends a patent it becomes part of the cost of the patent. If the company loses a lawsuit regarding a patent infringement, then the patent is written off. How does groding work? MIDNAI Score: 10/25 Feodtowe. Chect Mny Work Unlike the entries to record depreciation and depletion, the recording of amortization does not affect a contra asset account