Crane Company purchased a patent on January 1, 2020 for $568000. The patent had a remaining useful life of 10 years at that date In January of 2021, Crane successfully defends the patent at a cost of $273600, extending the patent's life to 12/31/32. What amount of amortization expense would Crane record in 2021? $70400 $84160 $56800 $65400

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Crane Company purchased a patent on
January 1, 202ỏ for $568000. The patent had
a remaining useful life of 10 years at that date.
In January of 2021, Crane successfully
defends the patent at a cost of $273600,
extending the patent's life to 12/31/32. What
amount of amortization expense would Crane
record in 2021? $70400 $84160 $56800
$65400
Transcribed Image Text:Crane Company purchased a patent on January 1, 202ỏ for $568000. The patent had a remaining useful life of 10 years at that date. In January of 2021, Crane successfully defends the patent at a cost of $273600, extending the patent's life to 12/31/32. What amount of amortization expense would Crane record in 2021? $70400 $84160 $56800 $65400
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