On October 1, 2024, Jamison, Inc. purchased a patent for $140,000 cash. Although the patent gives legal protection for 20 years, it is expected to be used for only ten years. The patent has no residual value. What is the value of the patent on the books at the end of 2025? $28,000 $17,500 $112,000 $122,500

On October 1,2024 , Jamison, Inc. purchased a patent for $140,000 cash. Although the patent gives legal protection for 20 years, it is expected to be used for only ten years. The patent has no residual value. What is the value o the patent on the books at the end of 2025 ? $28,000 $17,500 $112,000 $122,500