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These are selected 2022 transactions for Wyle Corporation. Jan. 1 Purchased a copyright for $120,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $54,000. Sept. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite

Respuesta :

The copyright purchased will be amortized over 6 years useful life.

$120,000 / 6 years = $20,000/annum

The patent purchased will be amortized over the useful life of 4 years

$54,000 / 4 years = $13,500 / annum

Goodwill is not amortized. But rather is checked for impairments.

What is Amortization?

Amortization is the systematic allocation of costs over the useful life of asset. The asset may be an intangible, if it is a tangible it is depreciated.

The life over which the asset is amortized is lower of useful and legal life, in both the cases the useful life was lower than the legal life.

Learn more about Amortization at https://brainly.com/question/27249910

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