A patent was purchased for $670,000 with a legal life of 20 years. Management estimates that the patent has a 12-year economic life. The entry to…

A patent was purchased for $670,000 with a legal life of 20 years. Management estimates that the patent has a 12-year economic life. The entry to record amortization would include (Points: 2)an increase in amortization expense for $33,500. an increase in research and development expense for $670,000. a decrease in patent for $83,750. an increase in accumulated amortization for $670,000.

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