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Lexicon Inc. bought a patent for $600,000 on January 2, 2007, at which time the patent had an estimated useful life of ten years. On February 2, 2011, it was determined that the patent's useful life would expire at the end of 2013. How much would Lexicon record as amortization expense for this patent for the year ending December 31, 2011?

a. $140,000

b. $120,000

c. $105,000

d. $60,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9408471

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