Essay
The Fitzsimmons Company applied for and received numerous patents at a total cost of $286,500 at the beginning of 2008. It is assumed the patents will be useful evenly during their full legal lives. At the beginning of 2010, the company paid $48,600 in legal fees for successful defense in a patent infringement suit. At the beginning of 2011, information became available that caused the company to reduce the remaining life of the patents to five years.
Calculate the amortization expense for the years 2008, 2009, 2010, and 2011. Round to the nearest dollar.
Correct Answer:
Verified
Correct Answer:
Verified
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