presented below is selected information for sandhillcompany answer the questions ask 3733859
Presented below is selected information for SandhillCompany.
Answer the questions asked about each of the factualsituations.
1. Sandhill purchased a patent from Vania Co. for$1,300,000 on January 1, 2015. The patent is being amortized overits remaining legal life of 10 years, expiring on January 1, 2025.During 2017, Sandhill determined that the economic benefits of thepatent would not last longer than 6 years from the date ofacquisition. What amount should be reported in the balance sheetfor the patent, net of accumulated amortization, at December 31,2017?