Bates Company acquired patent rights on Jan 1, 2010 for $1,125,000. This has an estimated useful life of 10 years and incurred legal fees of $100,000. On January 1, 2012, the company successfully defended against a lawsuit in the amount of $100,000. The company had a total of R&D expenditures related to the patent of $300,000.
Based on the information above:
- What is the total cost of the patent and the amount of amortization expense for the year ending 2010?
- At December 31 of 2012 what would be the total amount of amortization expense recorded for the year?
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