Your company pays $620,000 for a patent that has 10 years remaining. Each year, your company should:

		Debit Amortization Expense for $62,000 and credit Accumulated Depreciation for $62,000.
		Debit Intangible assets and credit Accumulated Amortization for an amount equal to 20% of book value.
		Debit Amortization expense for $62,000 and credit Accumulated Amortization - Patent for $62,000.
		Report no Amortization Expense because patents are not subject to amortization.