Can someone please tell me how this textbook answer makes any sense?
Strong Co. purchased a trademark from Wall Co. for $ 60,000 on July 1, 2001. Expenditures of $
10,000 for successful litigation in defence of the trademark were paid on July 1, 2001. Strong
estimates that the useful life of the trademark will be 20 years from the date of acquisition.
Calculate the carrying value of the trademark at December 31, 2002.