Verreries Lunel, whose financial year ends on 31 March, acquire a process patent on 1 August 20X1 for 150,000. The patent is available for use as soon as it is acquired, but the entity only starts exploiting it on 1 February 20X2, for lack of orders. It is amortised on a straight-line basis over 5 years, with no residual value. Calculate the amortisation charge for the year ended 31 March 20X2.
- Cost of the patent
- 150,000
- Useful life
- 5