Answer :
$6000 is the amortization expense for the year ended December 31, 2022 if the patent has an expected useful life of five years with no residual value.
purchase cost a patent on january 1, 2021= $30,000
expected useful life = 5 years
$30000/5years =$6000 amortization per year
$6000 is the amortization expense for the year ended December 31, 2022.
Amortization expenses reflect the cost of long-term assets (such as computers and vehicles) over their useful life. They show up on a company's income statement as depreciation expenses.
In business, amortization is the practice of depreciating the value of an intangible asset, such as a patent or a copyright, over the course of its useful life. Amortization expenses can have an impact on a company's income statement, balance sheet, and tax liability.
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