In Year 1, Hinkle Corporation Company acquired a patent from a competitor for $275,000. At the time of purchase, it had 12 years of its legal life remaining; however, due to competition, Hinkle believes that the patent will only be useful for 8 years.
Required:
Calculate the amount of amortization expense for Year 1.

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The Answer of In Year 1, Hinkle Corporation Company acquired a patent from a competitor for $275,000. At the time of purchase, it had 12 years of its legal life remaining; however, due to competition, Hinkle believes that the patent will only be useful for 8 years.
Required:
Calculate the amount of amortization expense for Year 1.

In Year 1, Hinkle Corporation Company Acquired a Patent from a Competitor