Multiple Choice
On December 1 2022 Daylilly Company purchased a patent from Elvis Company for $1200000 plus legal fees of $24000.The patent was recorded on Elvis' books for $60000.It is estimated that the patent has a remaining useful life of 6 years.Use the following tabular analysis to make the adjustment for amortization expense for the year 2022. 
A) Increase Expenses and decrease Cash $5000.
B) Increase Revenue $1140000 and decrease Cash $1140000.
C) Increase Expenses and decrease Patents $17000.
D) Increase Expenses and decrease Patents $200000.
Correct Answer:
Verified
Correct Answer:
Verified
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