The Fitzsimmons Company Applied for and Received Numerous Patents at a Total

question 74

Essay

The Fitzsimmons Company applied for and received numerous patents at a total cost of $286,500 at the beginning of 2008. It is assumed the patents will be useful evenly during their full legal lives. At the beginning of 2010, the company paid $48,600 in legal fees for successful defense in a patent infringement suit. At the beginning of 2011, information became available that caused the company to reduce the remaining life of the patents to five years.
Calculate the amortization expense for the years 2008, 2009, 2010, and 2011. Round to the nearest dollar.

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Definitions:

Irritable

Having a tendency to be easily annoyed or angered, often as a result of stress or frustration.

Secure Attachment

A strong and positive bond between a child and caregiver, characterized by trust and emotional safety.

Leave-Takings

The act of saying goodbye or departing, especially in the context of relationships or social interactions.

Emotional Reactions

The emotional responses triggered by stimuli or events, which can range from joy, sadness, anger, to fear.