Answer to Question #220442 in Accounting for CINCIN

Question

Harmonious Company acquired a patent for a drug with a remaining legal and useful life og 6 years. What amount should be recorded as amortization expense for 2019?

Answer 1

Here patent carrying amount is Not given

So, we have to Assume it , Assume patent carrying amount as 3,600,000

Amortization expense for 2019 = (3,600,000/6) = 600000