Elo corporation purchased a patent for 180000 on september, Ask an Expert

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ELO corporation purchased a patent for 180,000 on September 1, 2010. It had a useful life of 10 years. On January 1, 2012, ELO spent 44,000 to successfully defend the patent in a lawsuit. ELO feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2012?

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Accounting Basics, Accounting

Category:- Accounting Basics
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