Chapter 11, Problem 11EA

The following intangible assets were purchased by Goldstein Corporation:

A. A patent with a remaining legal life of twelve years is bought, and Goldstein expects to be able to use it for seven years.

B. A copyright with a remaining life of thirty years is purchased, and Goldstein expects to be able to use it for ten years.

For each of these situations, determine the useful life over which Goldstein will amortize the intangible assets.