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?© BrainMass Inc. brainmass.com December 15, 2022, 7:48 pm ad1c9bdddf
Amortization - 2006
Cost / Useful life
$180,000 / 10 years
Unamortized balance - ...
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