QS $8-16($Algo$)$ Reporting intangible assets LO P$4$

Skipped

Robotix Company purchases a patent for $$22,000$ on January $1.$ The patent is good for $18$ years, after which anyone can use the patent technology. However, Robotix plans to sell products using that patent technology for only $5$ years. Prepare the intangible asset section of the year end balance sheet after amortization expense for the year is recorded.