Day Company Purchased a Patent on January 1, 2014 for $480,000

Multiple Choice

Day Company purchased a patent on January 1, 2014 for $480,000. The patent had a remaining useful life of 10 years at that date. In January of 2015, Day successfully defends the patent at a cost of $216,000, extending the patent's life to 12/31/26. What amount of amortization expense would Day record in 2015?

A) $48,000
B) $54,000
C) $58,000
D) $72,000