In January 2013, Findley Corporation purchased a patent for a new consumer product for $960,000. At the time of purchase, the patent was valid for 15 years. However, due to the competitive nature of the product, the patent was estimated to have a useful life of only 10 years. During 2018, the product was determined to be obsolete due to a new product from rival competitors. What is the amount Findley should charge to expenses during 2018, assuming amortization is recorded at the end of each year?

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To calculate the annual amortization expense we divide the purchase price by th... View the full answer