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What amount should be debited to the patent account

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Q1. Cullumber Corporation acquired a patent on May 1, 2017. Cullumber paid cash of $91000 to the seller. Legal fees of $2400 were paid related to the acquisition. What amount should be debited to the patent account?

$88600

$2400

$91000

$93400

Q2. Cullumber Corporation purchased a limited-life intangible asset for $342000 on May 1, 2016. It has a useful life of 10 years. What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2018?

$68400

$102600

$ 0

$91200

Reference no: EM132190429

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