On January 1, 2017, Wren Corp

Multiple Choice

On January 1, 2017, Wren Corp. purchased a patent for $ 238,000. The patent is being amortized straight-line with no residual value over its remaining legal life of 15 years. At the beginning of 2020, however, Wren determined that the economic benefits of the patent would not last longer than ten years from the date of acquisition. What amount should be reported in the 2020 of financial position for the patent, net of accumulated amortization, at December 31, 2020?

A) $ 142,800
B) $ 163,200
C) $ 168,000
D) $ 174,550