A patent was acquired by Oriole Corporation on January 1, 2017, at a cost of...
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Accounting
A patent was acquired by Oriole Corporation on January 1, 2017, at a cost of $77,600. The useful life of the patent was estimated to be 10 years. At the beginning of 2020, Oriole spent $14,280 in successfully defending an infringement of the patent. At the beginning of 2021, Oriole purchased a patent for $25,410 that was expected to prolong the life of its original patent for 5 additional years.
(a)
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Calculate the amortization expense for 2017.
| Amortization Expense | $ |
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(b)
Calculate the balance in the Patent account at the beginning of 2020, immediately after the infringement suit.
| Balance in the Patent account |
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