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Question - Jan 1 2022 Paint Palette paid $122,000 to obtain a patent. The cost of the patent registration was $2,500 the patent legal life was 20 years and a useful life of 15 years. On Dec. 31, 2022 management determined that the recoverable amount of the patent is $100,000. On Jan 1 2022 Paint Palette incurred a cost of $15,000 related to an unsuccessful patent infrigement lawsuit.
1) Record the purchase of the patent.
2) Record amortization expense for the year ended Dec. 31, 2021.
3) Determine if there is an impairment loss on the patent and if so, record the Dec 31, 2021 journal entry.
4) Record the legal costs incurred on Feb. 1, 2022.
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