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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.
__________is the periodic transfer of a cost of an intangible asset to expense. ch10. amortization. Equipment acquired on the first day of the current fiscal year for $50,000 has an estimated life of 4 years or 25,000 hours and a residual value of $5,000. useful life of 5 years is equivalent to a straight-line depreciation rate of _________. ch10. 20%. The cost of razing an unwanted building on land purchased for use by a business is debited to the ________account.