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aleksley [76]
3 years ago
8

In January 2016, Vega Corporation purchased a patent at a cost of $200,000. Legal and filing fees of $50,000 were paid to acquir

e the patent. The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In January, 2019, Vega spent $40,000 in legal fees for an unsuccessful defense of the patent and the patent is no longer usable. The amount charged to income (expense and loss) in 2019 related to the patent should be:
Business
1 answer:
Andreyy893 years ago
7 0

Answer:

$215,000

Explanation:

As at 2016

Cost of patent                $200,000

Legal and filing fees       $50,000

Patent                            $250,000

Yearly amortization = $250,000/10 = $25,000 (10 years)

As at 2019

Patent                                                            $250,000

Less Amortization($25,000*3 years)          ($75,000)

Book Value                                                   $175,000

Patent (Book Value)                                                                     $175,000

Add legal fees for an unsuccessful defense of the patent         $40,000

Total                                                                                                $215,000

The amount charged to income (expense and loss) in 2019 related to the patent should be $215,000.

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Answer:

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Explanation:

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Answer:

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solution

we get here first corrected amounts for 2017 cost of goods sold  will be here as

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