The patent was acquired in January 1, 2019 and has a useful life of 10 years. The franchise was acquired in January 1, 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2020. Jan. 2 Paid £45,000 legal costs to successfully defend the patent against infringement by another company.

The patent was acquired in January 1, 2019 and has a useful life of 10 years. The franchise was acquired in January 1, 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2020. Jan. 2 Paid £45,000 legal costs to successfully defend the patent against infringement by another company.

Name: how to record the 2020 amortization expense of Jan.2?why the solution
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Description: how to record the 2020 amortization expense of Jan.2?why the solution says use 45,000 *1/9 instead of *1/10 The patent was acquired in January 1, 2019 and has a useful life of 10 years. The franchise was acquired in January 1, 2016 and alsohas a usef

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I just want to know how to get the answer which is 750,000
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