At the beginning of the year, a company purchases a patent for $1,600,000. The remaining legal life of the patent is 20 years, but management estimates that the patent will generate additional revenue only for the next 16 years. What amount of amortization expense will be recorded for the patent at the end of the first year, assuming that the straight-line method is used and that the asset was purchased at the beginning of the year? Select one: OA. $160,000 O B. $100,000 OC. $200,000 OD. $-0-