Waves company purchased a patent for $170,000 at the beginning of 2011, and estimated that its expected useful life was 10 years. the patent has a legal life of 17 years. what amount should be recorded as amortization expense for the patent in 2011?

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Konnor Stanton

Business

16 January, 18:48

Waves company purchased a patent for $170,000 at the beginning of 2011, and estimated that its expected useful life was 10 years. the patent has a legal life of 17 years. what amount should be recorded as amortization expense for the patent in 2011?

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Kristen · Answer 1

Purchased the patent for $170,000 in the beginning of 2011. Expected useful life is 10 years. Has a legal life of 17 years. Amortization expense = Cost/estimated useful life = $170,000/10 years = $17,000 per yea