On january 2 2015 prentice co bought a trademark from royce

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On January 2, 2015, Prentice Co. bought a trademark from Royce, Inc. for $320,000. Its unamortized cost on Royce's books was $240,000. The legal life of trademark is 10 years. Prentice expects to continuously renew the trademark with the U.S. Patent and Trademark Office and use the trademark indefinitely. In August 2015, Prentice incurred legal costs of $10,000 in a successful defense of this trademark. On December 31, 2015, what will be the amount of amortization recorded?

Reference no: EM13588678

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