On January 2, 2017, Silver Corp

Multiple Choice

On January 2, 2017, Silver Corp.bought a trademark from Lake Inc.for $150,000.An independent research company estimated that the remaining useful life of the trademark was 30 years.At this time, the trademark's net book value in Lake's records was $210,000.Because the trademark had a demonstrated limited life beyond 20 years, Silver decided to amortize the trademark over the maximum period, straight-line with no residual.In Silver's (calendar) 2017 income statement, what amount should be reported as amortization expense for this trademark?

A) $7,500
B) $7,000
C) $6,000
D) $5,000