Business, 24.03.2020 22:48 Brittany0512

Johnson Industries acquired a patent on January 2nd, 2020, for $18,000. The patent was estimated to have a useful life of five years. On July 1st, 2022, the company incurred legal fees of $7,500 to successfully defend the patent in an infringement suit. How much amortization expense will Johnson recognize on the Income Statement for the year ended December 31st, 2022

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Johnson Industries acquired a patent on January 2nd, 2020, for $18,000. The patent was estimated to...

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