The company developed a new product during 2011, incurring$140,000 in research and development costs, $10,000 in legal fees,and $10,000 in application fees with the U. S. Patent Office. A patent for this product was granted on July 1, 2011 and isexpected to have a useful life of 5 years and a legal life of 20years. How much amortization expense will be reported on thestatement for the year-ending December 31, 2011?Group of answer choicesA.$1,000B.$16,000C.$500D.$4,000E.$2,000
