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What is the annual amortization expense for this patent

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Reference no: EM132053402

Question - Immediately after Prest Co. acquired a patent from an inventory for $300,000. Prest Successfully defended the patent in court at a cost of $40,000. The patent had an estimated useful life of 50 years and a legal life of 20 years. What is the annual amortization expense for this patent?

A. $6,000

B. $6,800

C. $7,500

D. 8,500

E. None of the above (what is the correct answer than)

Reference no: EM132053402

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