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Tara Co . purchased a patent from Venice Co . for $ 3 , 0 0 0 , 0 0 0 on January 1 ,
Tara Copurchased a patent from Venice Cofor $on JanuaryYearThe patent is being amortized over its remaining legal life ofyears, expiring on JanuaryYearDuring YearTara Co determined
that the economic benefits of the patent would not last longer than years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December
Year
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