AMORTIZATION OF INTANGIBLE ASSETS
Using the same information in Cornerstone Exercise 7-23, assume that Advanced Technological Devices amortizes the patent on a straight-line basis over its remaining economic life of 12 years.
Exercise 7-23
COST OF INTANGIBLE ASSETS
Advanced Technological Devices, Inc., acquired a patent for $130,000. It spent an additional $20,000 defending the patent in legal proceedings.
AMORTIZATION OF INTANGIBLE ASSETS