In January of Year 1, Ford Co. purchased a patent from a research institution for $325,000....

 

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In January of Year 1, Ford Co. purchased a patent from a research institution for $325,000. The patent was estimated to have a useful life of 15 years. In December of Year 2, Ford Co defended the patent in legal proceedings and successfully retained rights of ownership of the patent. The estimated life of the patent did not change from its original estimate Legal expenses on December 31 were $26,000. Determine the (1) amortization for Year 2, and (2) carrying value of the patent on December 31 of Year 2 Note: Round your final answers to the nearest dollar. 1. Amortization for Year 25 2. Carrying value on Dec 31, Year 2 25.214 302.572 M In January of Year 1, Ford Co. purchased a patent from a research institution for $325,000. The patent was estimated to have a useful life of 15 years. In December of Year 2, Ford Co defended the patent in legal proceedings and successfully retained rights of ownership of the patent. The estimated life of the patent did not change from its original estimate Legal expenses on December 31 were $26,000. Determine the (1) amortization for Year 2, and (2) carrying value of the patent on December 31 of Year 2 Note: Round your final answers to the nearest dollar. 1. Amortization for Year 25 2. Carrying value on Dec 31, Year 2 25.214 302.572 M