Carterette Research Corporation registered a patent with the U.S. Patent and Trademark Office. The total cost of obtaining the patent was $200,000. Although the firm believes the patent will be useful for only 8 years, it has a legal life of 21 years. What will Carterette Research Corporation record for its annual amortization expense? Show how it would be recorded in the accounting equation. What will Carterette Research Corporation record for its annual amortization expense? (Round to the nearest dollar.) / Est. useful life Cost 200,000 = Annual amort. expense = $ 25,000 $ Complete the accounting equation showing how the amortization will be recorded. Some of the accounts will be abbreviated. (Use parentheses or a minus sign when entering component decreases. Use only the necessary input lines.) = Assets Account Liabilities Account Shareholders' Equity + Contributed Capital + Retained Earnings Account $ Account $ Acc. Amort. Patent Amort. Exp. Patent