Answer:
b. $4,000
Step-by-step explanation:
Calculation to determine What amount should Dunder Mifflin record as Patent Amortization Expense in the first year
Using this formula
Patent Amortization Expense =Legal fees to acquire a patent รท estimated useful life
Let plug in the formula
Patent Amortization Expense =$40,000/10 years
Patent Amortization Expense=$4,000
Therefore the amount that Dunder Mifflin should record as Patent Amortization Expense in the first year is $4,000