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Chapter 11 Depreciation, Impairements and Depletion Tara Corporation purchased a patent from Wells Company for $180,000...

Chapter 11 Depreciation, Impairements and Depletion

Tara Corporation purchased a patent from Wells Company for $180,000 on July 1, 2015. Expenditures of $51,000 for successful litigation in defense of the patent were paid on July 1, 2018. Tara estimates that the useful life of the patent will be 20 years from the date of acquisition.

Calculate the amortization expense for the patent for 2015 and 2018.

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