Cullumber Company incurred research and development costs of $101000 and legal fees of $41000 to acquire a patent. The patent has a legal life of 20 years and a useful life of 10 years. What amount should Cullumber record as Patent Amortization Expense in the first year

$14,200

Explanation:

Step 1 Determine the Cost of the Patent

Research and Development costs        $101000

Add legal fees                                         $41000

Total                                                         $142,000

Step 2 Determine Amortization Expense

Amortization Expense = Cost/ Useful life

                                     = $142,000/10 years

                                     = $14,200

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