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Ymorist [56]
3 years ago
13

On January 2, 2019, Adelphi Company purchased a patent for $175,000 plus $5,000 in legal fees. On that date, the patent had a re

maining legal life of 13 years. Adelphi Company expects to use the patent for 8 years after which time it will be worthless. How much is the annual amortization expense for 2019? Round to nearest whole dollar.
Business
1 answer:
Vikentia [17]3 years ago
7 0

Answer:

$22,500

Explanation:

Data given in the question

Purchase value of the patent = $175,000

Legal fees = $5,000

The Remaining life of the patent = 13 years

Expected using life of the patent = 8 years

So by considering the above information, the annual amortization expense for 2019 is

= (Purchase value of the patent + Legal fees incurred) ÷ (Expected using life of the patent)

= ($175,000 + $5,000) ÷ (8 years)

= $22,500

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