q 12)

On Jan 1, Year 1, Justin Co. bought a patent for $238,000. The patent will be amortized using the straight line method will assume no estimated residual value and a remaining "legal life" of fifteen years. At the beginning of year 4, however, Justin Co. realized that the future economic benefits of the patent wouldm't last longer than 10 years from the date of purchase. In the December 31, year 4 statement of financial position, what amount should be reported for the patent (net of accumulated amortization)? O $142,800 O $163,200 O $168,000 O $174,550