Review the following information pertaining to Denzel
Company.
A patent was purchased on January 2, 2018, for $39,000 when the
remaining legal life was 16 years. On January 2, 2020, Denzel
determined that the remaining useful life of the patent was only
eight years from the date of its acquisition.
On January 1, 2020, Denzel Company purchased a second patent
for $48,000 cash. At January 1, 2020, 6 years of the patent's legal
life of 20 years had already expired....