On January 1, 2008, what is the value of the conpany's patent?

Steinberg Corporation purchased a patent on January 1, 2000 for $42,000. The purchase of the patent enabled the company to manufacture, sell, lease, or otherwise benefit from an invention for 15 years (from the date of acquisition). Steinberg Corporation had use of the patent for five years from January 1, 2000. During the 6th year (in 2005), the company realized that, due to the introduction of more advanced technologies, the economic benefits of the patent would not last longer than ten years from the date of acquisition. Note: Take note/screenshot of the information presented on this page, these will be the basis of your answers to the succeeding questions. This will not be presented again. Next >