08 May HOW MUCH WOULD LEXICON RECORD AS AMORTIZATION EXPENSE FOR THIS PATENT FOR THE YEAR ENDING DECEMBER 31 2005?
How much would Lexicon record as amortization expense for this patent for the year ending December 31 2005? Lexicon Inc. bought a patent for $600 000 on January 2 2001 at which time the patent had an estimated useful life of ten years. On February 2 2004 it was determined that the patent’s useful life would expire at the end of 2007. How much would Lexicon record as amortization expense for this patent for the year ending December 31 2005?
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