Paulman Incurred $55,000 of Research and Experimental Expenses and Began

question 99

Essay

Paulman incurred $55,000 of research and experimental expenses and began amortizing them over 60 months during June of year 1. During May of year 3, Paulman received a patent based upon the research being amortized. $36,000 of legal expenses for the patent was incurred. The patent is expected to have a remaining useful life of 17 years.
1) What is the basis of the patent? (Round amortization for each year to the nearest whole number.)
2) What is the amortization expense with respect to the patent during the year it was issued? (Round final answer to the nearest whole number.)

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Definitions:

Brazil

A South American country known for its diverse culture, rainforest, and large economy, also a significant player in global agricultural and energy markets.

Commercial Paper

An unsecured, short-term debt instrument issued by companies to finance their immediate needs.

Large Well-Known Companies

Corporations that are widely recognized and established, often characterized by a significant market presence and a high volume of sales.

Short-Term Security

A financial instrument with a maturity date of one year or less, typically used for short-term financing needs.