On December 1,2022 , Daylilly Company purchased a patent from Elvis Company for $1,200,000 plus legal fees of $24,000. The patent was recorded on Elvis' books for $60,000. It is estimated that the patent has a remaining useful life of 6 years. Use the following tabular analysis to make the adjustment for amortization expense for the year 2022. Increase Expenses and decrease Cash $5,000. Increase Revenue $1,140,000 and decrease Cash $1,140,000. Increase Expenses and decrease Patents $17,000. Increase Expenses and decrease Patents $200,000