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Compute amount that should be expensed related to each item

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During the current year, Howard Company made several expenditures.1. On January 2, Howard Company purchased a patent from Pending Company for $40,000. The patent had a remaining legal life of 15 years, but Howard Company felt that it would be able to use the patent for only 10 years.

  • On October 1, Howard Company installed fixtures and other various leasehold improvements in its plush corporate headquarters at a cost of $81,000. The useful life of the fixtures is 19 years. The remaining useful life of the lease is 9 years.

Required:

Problem 1: Compute the amount that should be expensed related to each item for the current year. Howard Company calculates amortization to the nearest month.

Reference no: EM132864721

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