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What amount should be reported for patent amortization

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Reference no: EM132251831

Question - Sheridan Corporation purchased a patent for $124500 on September 1, 2016. It had a useful life of 10 years. On January 1, 2018, Sheridan spent $26000 to successfully defend the patent in a lawsuit. Sheridan feels that as of that date, the remaining useful life is 5 years. What amount should be reported for patent amortization expense for 2018?

$25120.

$27610.

$26780.

$21580.

Reference no: EM132251831

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