Ford Co. purchased a patent from Dodge Co. for $180,000 on July 1, 2010. Ford Es

Question

Ford Co. purchased a patent from Dodge Co. for $180,000 on July 1, 2010. Ford Estimated that the useful life of the patent would be 20 years from the date of acquisition. Expenditures of $51,000 for successful litigation in defense of the patent were paid on July 1, 2013. On January 1, 2014 the company determines the future economic life of the patent to be 8 years. Prepare a computation of the carrying value of the patent at December 31, 2015. Disclose all amounts recorded for the patent and related amortization for each year as well.

Explanation / Answer

Ford Co. purchased a patent from Dodge Co. for $180,000 on July 1, 2010. Ford Es

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