Reference no: EM131641824

Question - In January, 2013, Findley Corporation purchased a patent for a new consumer product for $960,000. At the time of purchase, the patent was valid for fifteen years. Due to the competitive nature of the product, however, the patent was estimated to have a useful life of only ten years. During 2018 the product was determined to be obsolete due to a competitors new product. What amount should Findley charge to expense during 2018, assuming amortization is recorded at the end of each year?