Multiple Choice
Thompson Company incurred research and development costs of $100,000 and legal fees of $40,000 to acquire a patent.The patent has a legal life of 20 years and a useful life of 10 years.What amount should Thompson record as Patent Amortization Expense in the first year?
A) $0.
B) $ 4,000.
C) $ 7,000.
D) $14,000.
Correct Answer:
Verified
Correct Answer:
Verified
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