Use the Following Information for Questions

Multiple Choice

Use the following information for questions.
On January 1, 2011, Bingham Inc.purchased a patent with a cost €1,160,000, a useful life of 5 years.The company uses straight-line depreciation.At December 31, 2012, the company determines that impairment indicators are present.The fair value less cost to sell the patent is estimated to be €540,000.The patent's value-in-use is estimated to be €565,000.The asset's remaining useful life is estimated to be 2 years.
-The company's 2013 income statement will report amortization expense for the patent of

A) $188,333.
B) $232,000.
C) $282,500.
D) $595,000