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Metlock Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $441,600 and a

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Answer #1
Months of amortization remaining on December 1, 2020 is 7 years 1 month or 85 months
Beginning book value 441600
Add: Legal costs 102000
Carrying Amount 543600
Less: Amortization on Patent 55200 =441600/8
Less: Amortization on Legal costs 1200 =102000/85
The amount to be reported 487200
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