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At what amount should the patent be carried on balance sheet

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Reference no: EM132785906

Question - Malrom Manufacturing Company acquired a patent on a manufacturing process on January 1, 2014 for $4,000,000. It was expected to have a 10 year life and no residual value. Malrom uses straight-line amortization for patents. On December 31, 2015, the recoverable amount of the patent was estimated to be $2,720,000. At what amount should the patent be carried on the December 31, 2015 balance sheet?

Reference no: EM132785906

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