In 2014, Harold Corporation Co. acquired a patent from a competitor for $65,000. At the time of purchase, it had 12 years of its legal life remaining; however, Harold believes that the patent will only be useful for 7 years. Compute the amortization expense for 2014.

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The Answer of In 2014, Harold Corporation Co. acquired a patent from a competitor for $65,000. At the time of purchase, it had 12 years of its legal life remaining; however, Harold believes that the patent will only be useful for 7 years. Compute the amortization expense for 2014.