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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 software is considered an intangible asset, and it must be amortized over its useful life. First, the company will record the cost to create the software on its balance sheet as an intangible asset. The software cost the company $10,000, in this case. Next, the company estimates that the software will have a useful life of just three years given the fast paced nature of software innovation.