On December 31, Year 2, Anchor Products has a patent shown on its balance sheet...
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Accounting
On December 31, Year 2, Anchor Products has a patent shown on its balance sheet for $96,000 that has a remaining legal life of 8 years. It is expected that the patent will have no economic value after 6 years. At the beginning of Year 3, the company incures costs of $50,000 which will extend the economic value of the patent for another 5 years.
What is the amount of the paten amortization expense for Anchor Products during Year 3?
- $13,273
- $16,000
- $18,250
- $22,000
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