These are selected 2017 transactions for Concord Corporation: Jan. 1 Purchased a

Question

These are selected 2017 transactions for Concord Corporation: Jan. 1 Purchased a copyright for $105,250. The copyright has a useful life of 5 years and a remaining legal life of 34 years. Mar. 1 Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for $91,200. Sept. 1 Purchased a small company and recorded goodwill of $151,050. Its useful life is indefinite. Indicate the amount of amortization expense on December 31, 2017, for Concord Corporation. Amortization expense

Explanation / Answer

Amortization expense on Copyright ($105,250/5 years) $ 21,050 Amortization expense on Patent ($91,200/5 years*10 months/12 months) $ 15,200 Total amortization expenses $ 36,250

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