J. Burgin Company incurred research and development costs of $110,000 and legal fees of $35,000 to acquire a patent. The patent has a legal life of 20 years and a useful life of 10 years. The company's policy is to amortize limited-life intangible assets using the straight-line method and to recognize a full year's worth of amortization in the first year. What amount would J. Burgin Company record as Amortization Expense for the patent in the first year? a. $7,250 b. $14,500 c. $3,500 d. $1,750