On June 1,2014,Red Corporation Purchased an Existing Business

Multiple Choice

On June 1,2014,Red Corporation purchased an existing business.With respect to the acquired assets of the business,Red allocated $300,000 of the purchase price to a patent.The patent will expire in 20 years.Determine the total amount that Red may amortize for 2014 for the patent.

A) $0
B) $1,667
C) $11,667
D) $35,000
E) None of these