In January 2021 Marilee & Co. purchased a patent at a cost of $214,000 Legal and filling fees of $57,000 were paid to acquire the patent. The company estimated a 10-year useful life for the patent and uses the straight-line amortization method for all intangible assets. In January 2024, Marilee spent $34.000 in legal fees for an unsuccessful defense of the patent and the patent is no longer usable. The amount charged to income (expense and loss) in 2024 related to the patent should be Multiple Choice 5 61300 O $34.000 5223.700 $214.000