On january 1, year 1, toy factory purchases a patent for a printing process for $40,000. the original legal life of the patent was 10 years, and there are 8 years remaining. however, due to expected technological obsolescence, the company estimates that the useful life of the patent is only 5 more years. what will be the amortization expense for the patent in year 1?

Annual depreciation= $8,000

Explanation:

Giving the following information:

On January 1, Year 1, Toy Factory purchases a patent for a printing process for $40,000.

The company estimates that the useful life of the patent is only 5 more years.

To calculate the depreciation for the year, we need to use the following formula:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= 40,000/5= $8,000

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