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Calico Inc. purchased a patent on a new drug. The patent cost $30,600. The patent has a life of 23 years, but Calico only expects to be able to sell the drug for 18 years.
A. Calculate the amortization expense.
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The amount of amortization expense is a function of the cost and the expected time that asset will be used.
B. Record the journal for the first-year expense. If an amount box does not require an entry, leave it blank.
Amortization Expense
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The amount of amortization expense is a function of the cost and the expected time that asset will be used.
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Partially corect
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