Question
GALAN Ltd purchased a patent for $90,000 on September 1, 2019. It had a useful life of 10 years. On January 1, 2021, GALAN
GALAN Ltd purchased a patent for $90,000 on September 1, 2019. It had a useful life of 10 years. On January 1, 2021, GALAN Ltd spent $22,000 to successfully defend the patent in a lawsuit. GALAN Ltd feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2021?
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