On january 1 2009 lame corporation applied for a patent, Ask an Expert

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On, January 1, 2009, Lame Corporation applied for a patent, incurring legal costs of $50,000. In January 2010, Lame incurred $9,000 of legal fees in a successful defense of its patent.

Compute the carrying value of the patent on December 31, 2010 if the company amortizes the patent over 10 years.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9973224

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