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In January, 2015, Geetano Corporation purchased a patent for a new consumer product for $540,000. At the time of purchase, the patent was legally valid
In January, 2015, Geetano Corporation purchased a patent for a new consumer product for $540,000. At the time of purchase, the patent was legally valid for fifteen years; however, due to the competitive nature of the product, the patent was estimated to have a useful life of only ten years at the date of purchase. At the beginning of 2021 the product was permanently removed from the market under governmental order because of a potential health hazard present in the product. What was Geetanos amortization expense for 2020?
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