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Amortization of Intangible Assets. To illustrate the amortization of an intangible asset, imagine XYZ Biotech spends $30 million dollars on a patent with a useful life of 15 years. Theoretically, to account for the expense over a 15-year period, XYZ Biotech records $2 million each year as an amortization expense.
Cost allocation of an intangible asset is referred to as a. amortization. b. depletion. c. accretion. d. capitalization. 177. A patent a. has a legal life of 40 years. b. is nonrenewable. c. can be renewed indefinitely. d. is rarely subject to litigation because it is an exclusive right. 178. If a company incurs legal costs in successfully defending its patent, these costs are recorded by debiting a.