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What was the effect of revision of the patent value

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Reference no: EM132838134

Problem 1: On December 31, year 0, your company bought a patent for $800. The remaining life on the patent is 10 years, after which the patent will have no value. Your company uses straight-line amortization. On January 1, year 3, a competitor announces a competing product, which causes you to revise the patent value down to $52.61. What was the effect of revision of the patent value on pre-tax income?

  • Assume that the net book value on December 31, year 2 is the same as the net book value on January 1, year 3.

Reference no: EM132838134

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