During 2009, Erie Inc

question 3

Short Answer

During 2009, Erie Inc. developed a new process for packaging products. Erie paid its employees $450,000 over the past five years in developing this process. On January 1, 2009, Erie paid $12,000 to register the packaging patent. The company believes the patent will produce profits for 10 years. The patent has a 17-year legal life. How much amortization expense should be recognized during 2009?
a. $27,118
b. $46,200
c. $1,200
d. $647

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Definitions:

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