In completing the adjusting entries for 2017 in early 2018, the internal auditor discovered that a patent, with an estimated eight-year life that was registered in January, 2017 had not been amortized. The patent cost $440,000. The income tax rate is 40%. The books are still open in 2017. What is the journal entry to correct the error?
A)

\begin{array} { | c | r | r | } \hline \text { Amortization Expense-Patent } & 55,000 & \\\hline \text { Retained Earnings } & & 55,000 \\\hline\end{array}

\begin{array} { | l | r | r | } \hline \text { Patent } & 55,000 & \\\hline \text { Income Taxes Receivable } & 22,000 & \\\hline \text { Retained Earnings } & & 77,000 \\\hline\end{array}

\begin{array} { | l | r | r | } \hline \text { Amortization Expense - Patent } & 55,000 & \\\hline \text { Income Taxes Payable } & & 22,000 \\\hline \text { Retained Earnings } & & 33,000 \\\hline\end{array}

\begin{array} { | c | r | r | } \hline \text { Amortization Expense-Patent } & 55,000 & \\\hline \text { Patent } & & 55,000 \\\hline\end{array}

When a Self-Correcting Error Is Discovered After Closing the Books

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