Sherwood Corporation incurred $68,000 of R&D costs in its laboratory to develop a patent that was granted

Question:

Sherwood Corporation incurred $68,000 of R&D costs in its laboratory to develop a patent that was granted on January 2, 2019. Legal fees and other costs associated with registration of the patent totaled $13,600. Sherwood estimates that the economic life of the patent will be 8 years. What amount should Sherwood charge to patent amortization expense for the year ended December 31, 2019?
a. $0
b. $800
c. $1,700
d. $10,200

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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