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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.
This is the most expensive protection to obtain--about $7,000 to $10,000--and takes on average three to seven years to secure. It lasts 20 years. A design patent protects the look of a product (anything from handbags to furniture). As with a utility patent, the look must be novel and nonobvious. Typically these patents take 12 to 18 months to secure, cost an average of $2,500 to $3,500 and stay in effect for 14 years.