Harvest Coffee developed a new product during 2022, incurring $168,000 in research and development costs, $12,000 in
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Harvest Coffee developed a new product during 2022, incurring $168,000 in research and development costs, $12,000 in legal fees, and $12,000 in application fees with the U.S. Patent Office. A patent for this product was granted on July 1, 2022 and is expected to have a useful life of 5 years and a legal life of 20 years. How much amortization expense will be reported on the statement for the year-ending December 31, 2022?
Select one:
a. $19,200
b. $2,400
c. $600
d. $4,800
e. $1,200
Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
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