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, 2006. It had a useful life of 10 years. On January 1, 2008, 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 2008?

a. $41,200.

b. $40,000.

c. $37,600.

d. $31,200.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M995095

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