3. On July 1, 2019, a Company obtained a patent for $500,000. They also incurred $80,000 for legal costs in relation to the patent. The Company has assigned a useful life of 15 years. On July 1, 2020 an additional $10,000 in legal was incurred. What is the net carrying value of the patent at July 1, 2020? (worth 2 pts)

(*Hint Make sure you know the starting cost and the initial annual amortization. Remember you can always adjust the historical cost. It just depends when you add in extra costs as you cannot change the initial cost, but you can add on to it)

A 541,333

B 520,000

C 38,667

D 551,333