12-128Snyder Industries Had One Patent Recorded on Its Books as of January

Essay

12-128Snyder Industries had one patent recorded on its books as of January 1, 2015. This patent had a book value of $168,000 and a remaining useful life of 7 years. During 2015, Snyder brought a patent infringement suit against a competitor. On October 1, 2015, Snyder received the goods news that its patent was valid and that its competitor could not use the process Snyder had patented. The company incurred $60,000 to defined this carrying value of the patent. Compute the patent that would be reported on the December 31, 2015, balance sheet, assuming monthly amortization of carrying value of the patents.