Ely CoBought a Patent from Baden Corp

question 83

Multiple Choice

Ely Co.bought a patent from Baden Corp.on January 1, 2007, for $300,000.An independent consultant retained by Ely estimated that the remaining useful life is 30 years.Its unamortized cost on Baden 's accounting records was $150,000; the patent had been amortized for 5 years by Baden.How much should be amortized for the year ended December 31, 2007?

• A)$0.
• B)$5,000.
• C)$10,000.
• D)$20,000.

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