Gemcraft company bought a copyright for 45000 on january 1, Ask an Expert

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Gemcraft Company bought a copyright for $45,000 on January 1, 1997, at which time the copyright had an estimated useful life of 15 years. On January 5, 2000, the company determined that the copyright would expire at the end of 2005. How much should Gemcraft record as amortization expense for this copyright for 2000?

1) $7,200.
2) $3,600.
3) $4,000.
4) $6,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
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