Current Attempt in Progress

Pharoah Enterprises acquired a patent from Pepper Research Corporation on September $1,2026,$ for $$3418800.$ The patent will be used for seven years, even though its legal life is $20$ years. Rocky Corporation has committed to purchase the patent from Pharoah for $$873600$ at the end of seven years. What amount will be reported on its income statement Pharoah's patent amortization at December $31,2026,$ assuming the straight$-$line method is used?

$$341880$

$$-0-$

$$363600$

$$121200$

Attempts: $0$ of $1$ used