NBC Company purchased a patent from ABC for $144,000. At the time of purchase the patent had a remaining useful life of 10 years. Determine the patent amortization expense for the first year.
A) $7,200
B) $18,000
C) $12,000
D) $14,400

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The Answer of NBC Company purchased a patent from ABC for $144,000. At the time of purchase the patent had a remaining useful life of 10 years. Determine the patent amortization expense for the first year.
A) $7,200
B) $18,000
C) $12,000
D) $14,400

NBC Company Purchased a Patent from ABC for $144,000