A patent was acquired by Pharoah Corporation on January 1, 2022, for $92,000. The useful life of the patent was estimated to be 10 years and the company plans to use the straight-line method of amortization. Pharoah has a December 31 year-end. At the beginning of 2025, Pharoah spent $14,000 in successfully defending an infringement of the patent. At the beginning of 2026, Pharoah purchased another patent for $26,670 that was expected to prolong the life of its original patent for 5 additional years.
(a)
? Your answer is incorrect.
Calculate the amortization expense for 2022.
Amortization expense
$
9250