A company develops a patent on January 1, 2015, and the costs involved
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A company develops a patent on January 1, 2015, and the costs involved

A company develops a patent on January 1, 2015, and the costs involved with patent approval are $12,000. The legal life of the patent is 20 years, but the company projects that it will provide useful benefits for only 12 years. At January 1, 2018, the company discovers that a competitor will introduce a new product, making this patent useless in five years. How much amortization should be recorded in 2015, 2016, and 2017?

Hint
Accounts & FinanceA patent is a unique privilege awarded for the creation of an invention. In other words, patent rights require that anyone cannot legitimately make, use, produce, import, or sell the product without the patent proprietor’s permission. A patent is a nation's perpetual right given to an inventor that allows the inventor to prevent anyone from creating, using, or trading his or ...

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