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Teal Mountain Limited purchased a patent for $84,000 on June 1, 2019. Teal Mountain has a calendar fiscal year end. Straight-line amortization is used for
Teal Mountain Limited purchased a patent for $84,000 on June 1, 2019. Teal Mountain has a calendar fiscal year end. Straight-line amortization is used for the patent, based on Nive-year useful life, although the remaining legal life was 10 years. On May 31,2021 , Teal Mountain paid $33,600 in legal fees to successfully defend this patent in court and now wants to revise the estimate of the patent's remaining useful life to 8 years, which is the same as its remaining legal life. Record the purchase of the patent on June 1, 2019. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Record amortization expense for the fiscal years 2019 and 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Record the payment of the legal fees on May 31, 2021. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is kequired, select "No Entry" for the account titles and enter 0 for the amounts.) Record any necessary amortization prior to the change in the useful life of the patent. (Credit account titles are automotically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Record the amortization expense for the remainder of the 2021 fiscal year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If Ro entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) What was the total amount of the amortization expense appearing on the income statement for fiscal year 2021 ? Total amount of the amortization expensens $ eTextbook and Media List of Accounts What is the carrying amount of the patent on the balance sheet at December 31,2021
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