On September 30, 2019, Leeds LTD. acquired a patent in conjunction with the purchase of another company. The patent, valued at $6 million, was estimated to have a 10-year life and no residual value. Leeds uses the straightline method of amortization for . At the beginning of January 2021, Leeds successfully defended its patent against infringement. Litigation costs totaled $500,000.
Required: 1. Calculate amortization of the patent for 2019 and 2020. 2. Prepare the journal entry to record the 2021 litigation costs. 3. Calculate amortization for 2021. 4. Repeat requirements 1–3 assuming that Leeds prepares its according to IFRS.
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