Income statement and the book value of the patent

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Reference no: EM131764873

Question: On january 1, 2993 staton company paid $160000 to obtain a patent. Staton expected to use the patent for 5 years before it became technologically obsolete. Based on this information, the amount of amortization expense on the December 31, 2005 income statement and the book value of the patent on the December 31, 2005 balance sheet would be:

A) $32,000/$96,000

B) 32,000/ $64000

C) $54,000/$96,000

D) 54,000/54000

Reference no: EM131764873

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