January 1 2010 purchased patent for 2000000 the patent had

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Reference no: EM13479961

Banana Corporation had the following transactions relating to a patent:

January 1, 2010: Purchased patent for $2,000,000. The patent had fifteen years remainnig although Banana expected to use it for only ten.
January 1, 2012: Successfully defended patent in a lawsuit. Spent $250,000 on attorney fees.
January 1, 2013: Banana determined that the patent would become useless at the end of 2018.
Calculate the balance in the patent account as of December 31, 2013. Show your calculations.

Reference no: EM13479961

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