Netflix, Inc. purchased a patent for $250,000. The patent has a legal life of 12 years. Calculate: a) The yearly amortization expense using the straight-line method. b) The total amortization expense over the patent's legal life. c) The book value of the patent at the end of year 7. d) The remaining book value of the patent after 9 years. e) Describe the significance of amortization in relation to intangible assets.