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Bates Company gets patent rights on Jan 1, 2010 for $1,125,000. This has an estimated useful life of 10 years and incurred legal fees of $100,000. On January 1, 2012, the company successfully defended against the lawsuit in the amount of $100,000. The company had a total of R&D expenses associated to the patent of $300,000.

A) Describe the total cost of the patent and the amount of amortization expenditure for the year ending 2010?

B) At December 31 of 2012 what would be the net amount of amortization expenditure recorded for the year? 

Accounting Basics, Accounting

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