Berry Co. purchases a patent on January 1, 2021, for $42,000 and the patent has an expected useful life of five years with no residual value. Assuming Berry Co. uses the straight-line method, what is the carrying value of the patent on December 31, 2022

$25,200

Explanation:

Since amortization is on a straight-line basis and the patent has no residual value;

Annual amortization value= $42,000/5years

=$8,400

As at December 31, 2022, accumulated amortization is $16,800

Carrying amount of the patent: $42,000-$16,800

= $25,200

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