pokerface2
Apr 16, 2009, 03:35 PM
Several years ago, a company purchased a patent and has since been amortizing it on a straight-line basis over its estimated useful life. The company's comparative balance sheets contain the following items:
Patent, less accumulated amortization of $70,000 (2008) and $52,000 (2007)
Dec. 31, 2008: $280,000 Dec. 31, 2007: $297,500
Patent, less accumulated amortization of $70,000 (2008) and $52,000 (2007)
Dec. 31, 2008: $280,000 Dec. 31, 2007: $297,500