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On 01/03/2014, "ABC Company purchased a patent for $980000. The patent was estimated to have...

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Accounting

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On 01/03/2014, "ABC Company purchased a patent for $980000. The patent was estimated to have a useful life of 12 years. On 01/09/2019, the company paid an amount of $80000 to defend the patent. Based on the above-given information, answer the following questions: What is the amount of amortization expense that must be presented on the company's income statement for the year 20147 At what value should the patent be presented on the statement of financial position as of 31/12/2014? What is the amount of amortization expense that must be presented on the company's income statement for the year 20197 At what value should the patent be presented on the statement of financial position as on 31/12/2020

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