Question

LRF Corporation purchased a patent for $450,000 on September 1, 2006. It had a useful life of 10 years. On January 1, 2008, LRF spent $110,000 to successfully defend the patent in a lawsuit. LRF feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2008?
$103,000
$100,000
$94,000
$78,000
My goodness! Six accounting questions from six different names -- but all on the same computer.

You might have a better chance of getting help if you post what you know about the answers.

Note that Jiskha volunteers do not do homework.

Related Questions

Janes Company provided the following information on intangible assets: a. A patent was purchased... On Jan.1, Pedigo Corporation purchased a small company and recorded goodwill of $150,000. its useful... Palmiero purchased a patent from Vania Co. for $1,500,000 on January 1, 2013. The patent is being a... 1. Palmiero purchased a patent from Vania Co. for $1,500,000 on January 1, 2013. The patent is being...