On April 3, 2015, Rainbow Studios purchased a patent for $56,000. Its remaining legal life is 7 years and Rainbow Studios estimates that the patent will be useful for another 4 years. The correct adjusting entry to record amortization of the patent on December 31, 2015 is: Amortization Expense-Patent 6,000 Accumulated Amortization - Patent 6,000 Amortization Expense-Patent 14,000 Accumulated Amortization - Patent 14,000 Amortization Expense-Patent Accumulated Amortization - Patent Amortization Expense-Patent Accumulated Amortization - Patent 10,500 10,500 8,000 8,000