Question: On January 1 , 2 0 1 9 , Axle Co . purchased a patent for $ 1 , 9 0 4 , 0 0

On January

1, 2019,

Axle Co

.

purchased a patent for $

1, 904, 000 .

The patent is being amortized over its remaining legal life of

15

years expiring on January

1, 2034 .

During

2022,

Axle determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December

31, 2022 ?

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