Victor Company purchased a patent for $250,000 at the beginning of 2011, and estimated that its expected useful life was 10 years. The patent has a legal life of 20 years. What amount should be recorded as amortization expense for the patent in 2011?
A) $ -0-
B) $ 8,333
C) $12,500
D) $25,000

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The Answer of Victor Company purchased a patent for $250,000 at the beginning of 2011, and estimated that its expected useful life was 10 years. The patent has a legal life of 20 years. What amount should be recorded as amortization expense for the patent in 2011?
A) $ -0-
B) $ 8,333
C) $12,500
D) $25,000

Victor Company Purchased a Patent for $250,000 at the Beginning