On January 1, 2015 Sky Company purchased a patent for $94,000. The company originally expected to use the patent for eight years and then sell it for $5,000. During 2021, management adjusted the total useful life of the patent to thirteen years and the residual value to $1,000. The company amortizes all patents using straight-line.

The number of years of amortization expense taken for the patent under the original estimates for life and salvage value is A. 5 B. 6 C. 7 D. 8 The total amount of accumulated amortization for the patent as of 1/1/21 is A. 66,750 B. 55,625 C. 70,500 D. 77,875