In January 2023, Jerry Corp. purchased a patent for a new pr…
In January 2023, Jerry Corp. purchased a patent for a new product for $800,000. At the time of purchase, the patent was legally valid for another 12-years. Due to the competitive nature of the industry, however, Jerry estimated the patent’s economic life to be 5-years from the date of purchase. How much patent amortization should Jerry record on their financial statements for 2023?