Multiple Choice
Miguel Foods, Inc.purchased a patent at the beginning of 2013 for $350,000.Economic benefits were expected for 7 years, but the patent's legal life was 20 years.Also during 2013, the company incurred research and development costs of $270,000.Patent amortization expense for 2013 is
A) $11,000
B) $17,500
C) $31,000
D) $50,000
Correct Answer:
Verified
Correct Answer:
Verified
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