24 Desert Companys Pharmaceutical Division incurred $990,000 in research and development costs in the development of a new drug for which they were granted a patent on April 1, 2020. The patent had a legal life of 20 years and a useful life of 8 years. In the establishment of the patent, legal costs of $200,000 were incurred as of March 1, 2020. What is the journal entry Desert would record to record the amortization of the patent at December 31, 2020?

Debit Amortization Expense and Credit Patent for $25,000.

Debit Amortization Expense and Credit Patent for $59,500.

Debit Amortization Expense and Credit Accumulated Amortization for $18,750.

Debit Amortization Expense and Credit Patent for $18,750.