Thompson Company incurred research and development costs of $100,000 and legal fees of $40,000 to acquire a patent.The patent has a legal life of 20 years and a useful life of 10 years.What amount should Thompson record as Patent Amortization Expense in the first year?

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The Answer of Thompson Company incurred research and development costs of $100,000 and legal fees of $40,000 to acquire a patent.The patent has a legal life of 20 years and a useful life of 10 years.What amount should Thompson record as Patent Amortization Expense in the first year?

Thompson Company Incurred Research and Development Costs of $100,000 and Legal