Samson Distributing purchased a patent at a cost of $45,000 on June 30, 2019. It is estimated the the patent has a remaining useful life of 4 years in spite of the fact that the patent will expire in 6 years from the date of purchase. Samson has a December year end.
Record the amortization for 2019 for the patent.

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The Answer of Samson Distributing purchased a patent at a cost of $45,000 on June 30, 2019. It is estimated the the patent has a remaining useful life of 4 years in spite of the fact that the patent will expire in 6 years from the date of purchase. Samson has a December year end.
Record the amortization for 2019 for the patent.

Samson Distributing Purchased a Patent at a Cost of $45,000