In January 2023, Bradley, Corp. purchased a patent for a new…
In January 2023, Bradley, Corp. purchased a patent for a new product for $850,000. At the time of purchase, the patent was legally valid for another 13-years. Due to the competitive nature of the industry, however, Bradley estimated the patent’s economic life to be 11-years from the date of purchase. How much patent amortization should Bradley record on their financial statements for 2023?