Belize Company incurred P500,000 of research and development costs to develop a product for which a patent was granted on January 1, 2024. Legal fees and other costs associated with registration of the patent totaled P1,200,000. The patent is being amortized over its useful life of 10 years. On July 1, 2024, Belize Company won and paid legal fees of P180,000 for the successful defense of the patent against an infringement lawsuit filed by Bolivia Company. How much is the amortization expense for the year 2024? P120,000 P150,000 P125,000 P110,000