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Calculate patent amortization

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On June 30, 2016, Mobley Corporation acquired a patent for $3.10 million. The patent was estimated to have an eight-year life and no residual value. Mobley uses the straight-line method of amortization for intangible assets. At the beginning of January 2018, Mobley successfully defended its patent against infringement. Litigation costs totaled $560,000.

Required:

Question 1: Calculate patent amortization for 2016 and 2017.

Question 2: Prepare the journal entry to record the 2018 litigation costs.

Question 3: Calculate amortization for 2018.

Question 4a:. Prepare the journal entry to record the 2018 litigation costs and calculate amortization for 2018, assuming that Mobley prepares its financial statements according to International Financial Reporting Standards (IFRS).

Question 4b: Calculate amortization for 2018 under IFRS.

Reference no: EM132460669

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