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Berry Co. purchases a patent on January 1, 2021, for $33,000 and the patent has an...

Berry Co. purchases a patent on January 1, 2021, for $33,000 and the patent has an expected useful life of five years with no residual value. Assuming Berry Co. uses the straight-line method, what is the amortization expense for the year ended December 31, 2022?

Multiple Choice

  • $0.

  • $33,000.

  • $6,600.

  • $13,200.

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Answer #1

amortization expense=(Cost/Useful Life)

=($33000/5 year)

which is equal to

=$6600

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