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Calculating Amortization Expense

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Kerr Company purchased a patent on January 1, 2006 for $180,000. The patent had a remaining useful life of 10 years at that date. In January of 2007, Kerr successfully defends the patent at a cost of $81,000, extending the patent's life to 12/31/18. What amount of amortization expense would Kerr record in 2007?

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This solution provides step by step calculations for amortization expense

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Amortization - 2006

Cost / Useful life
$180,000 / 10 years
= $18,000

Unamortized balance - ...

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