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How much amortization expense will be reported

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Question - A company developed a new product during 2011, incurring $140,000 in research and development costs, $10,000 in legal fees, and $10,000 in application fees with the U. S. Patent Office. A patent for this product was granted on July 1, 2011 and is expected to have a useful life of 5 years and a legal life of 20 years. How much amortization expense will be reported on the statement for the year-ending December 31, 2011?

a. $1,000

b. $16,000

c. $500

d. $4,000

e. $2,000

Reference no: EM132944691

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