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What pro financial statements should include

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Reference no: EM132966806

Problem 1: Pro Footballs acquired a patent in 2018 at a cost of $150 million and amortizes the patent on a straight-line basis. During 2021 management decided that the benefits from the patent would be received over a total period of 8 years rather than the 20-year legal life being used to amortize the cost. Pro's 2021 financial statements should include:

A) A patent balance of $150 million.
B) A patent balance of $110 million.
C) Patent amortization expense of $15 million.
D) Patent amortization expense of $25.5 million.

Reference no: EM132966806

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