1. On April 3, 2020, 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, 2020 is

A.

Amortization Expense, Patent	14,000
Accumulated Amortization, Patent		14,000

B.

Amortization Expense, Patent	8,000
Accumulated Amortization, Patent		8,000

C.

Amortization Expense, Patent	10,500
Accumulated Amortization, Patent		10,500

D.

Amortization Expense, Patent	6,000
Accumulated Amortization, Patent		6,000

E.

Patent	10,500
Accumulated Amortization, Patent		10,500