Multiple Choice
ELO Corporation purchased a patent for $90,000 on September 1, 2009.It had a useful life of 10 years.On January 1, 2011, ELO spent $22,000 to successfully defend the patent in a lawsuit.ELO feels that as of that date, the remaining useful life is 5 years.What amount should be reported for patent amortization expense for 2011?
A) $20,600.
B) $20,000.
C) $18,800.
D) $15,600.
Correct Answer:
Verified
Correct Answer:
Verified
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