Multiple Choice
Rinky-Dink Inc. incurred research and development costs of $210,000 and legal fees of $110,000 to acquire a patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should the company record as patent amortization expense in the first year?
A) $11,000
B) $16,000
C) $21,000
D) $32,000
Correct Answer:
Verified
Correct Answer:
Verified
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