Question
Johnson Industries acquired a patent on January 2 nd , 2011, for $18,000. The patent was estimated to have a useful life of five years.
Johnson Industries acquired a patent on January 2nd, 2011, for $18,000. The patent was estimated to have a useful life of five years. On July 1st, 2013, the company incurred legal fees of $7,500 to successfully defend the patent in an infringement suit. How much amortization expense will Johnson recognize on the Income Statement for the year ended December 31st, 2013?
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Financial Accounting A Business Process Approach
Authors: Jane L Reimers
2nd Edition
131473867, 978-0131473867
