Jason Purchases a Patent at a Cost of $24,000

Multiple Choice

Jason purchases a patent at a cost of $24,000. The patent has 8 years of legal life remaining from the date of purchase.
I.If the patent is the only asset Jason purchased, he must amortize the patent over 15 years.
II.If the patent was part of the purchase of all the assets of a business, he must amortize the patent over 15 years.
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A) Only statement I is correct.
B) Only statement II is correct.
C) Both statements are correct.
D) Neither statement is correct.