Problem 10-74 (LO 10-4) (Algo)

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Bethany incurred $24,000 in research and experimental costs for developing a specialized product during July 2022. Bethany went through a lot of trouble and spent $12,000 in legal fees to receive a patent for the product in August 2024. Bethany expects the patent to have a remaining useful life of 10 years.

Note: Do not round intermediate calculations.

Problem 10-74 Part b (Algo)

b. How much patent amortization expense would Bethany deduct in 2024?