please complete in excel.
Thank you.
Answer:-
Carrying Amount |
Life in Months |
Amortization Per Month |
Months Amortization |
|
Patent (1/1/20) |
$288,000 |
96 |
$3,000 |
12 |
Legal costs (12/1/20) |
85,000 |
85 |
$1,000 |
1 |
$373,000 |
Carrying amount................................................................................. |
$373,000 |
Less: Amortization of patent (12 X $3,000)...................................... |
(36,000) |
Legal costs amortization (1 X $1,000)................................. |
(1,000) |
Carrying amount 12/31/20.................................................................. |
$336,000 |
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