On october 1 of the current year, lee corporation enters negotiations with kay corporation to acquire a patent. the patent has 10 years remaining on its legal life.
a. if lee corporation purchases the patent for $36,000, how much amortization expense may lee corporation deduct in the current year?
b. assume that lee corporation purchases all of the assets of kay corporation for $510,000. all of the identifiable assets of kay corporation have a fair market value of $420,000, including the patent, which has a fair market value of $36,000. also, a covenant not to compete for 3 years costing $72,000 is included in the purchase agreement. how much amortization expense may lee corporation deduct in the current year?

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The following accounts are denominated in pesos as of december 31, 2015. for reporting purposes, these amounts need to be stated in u. s. dollars. for each balance, indicate the exchange rate that would be used if a translation is made under the current rate method. then, again for each account, provide the exchange rate that would be necessary if a remeasurement is being made using the temporal method. the company was started in 2000. the buildings were acquired in 2002 and the patents in 2003. (round your answers to 2 decimal places.) exchange rates for 1 peso are as follows: 2000 1 peso = $ 0.28 2002 1 = 0.26 2003 1 = 0.25 january 1, 2015 1 = 0.24 april 1, 2015 1 = 0.23 july 1, 2015 1 = 0.22 october 1, 2015 1 = 0.20 december 31, 2015 1 = 0.16 average for 2015 1 = 0.19