Your company pays $$620,000$ for a patent that has a $20$ year legal life, but a $10$ year expected useful life remaining. Each year, your company should:

Multiple Choice

A$)$ Amortize over the average of the legal and useful life; resulting in a debit to Amortization Expense for $$41,333$ and a credit to Accumulated Amortization for $$41,333.$

B$)$ debit Amortization Expense for $$31,000$ and credit Accumulated Amortization for $$31,000.$

C$)$ debit Amortization Expense for $$62,000$ and credit Accumulated Amortization for $$6$D$)$ eport no Amortization Expense because patents are not subject to amortization.