On January 1,2014,Portwell Company Purchased a Patent for $200,000 B)

On January 1,2014,Portwell Company purchased a patent for $200,000.They estimate a useful life of 4 years.What entry is needed at the end of the first year?

A) $$\begin{array} { | l | r | r | } \hline \text { Amortization expense-patents } & 50,000 & \\\hline \text { Patents } & & 50,000 \\\hline\end{array}$$
B) $$\begin{array} { | c | r | r | } \hline \text { Amortization expense-patents } & 50,000 & \\\hline \text { Accumulated amortization } & & 50,000 \\\hline\end{array}$$
C) $$\begin{array} { | l | r | r | } \hline \text { Patents } & 50,000 & \\\hline \text { Amortization expense-patents } & & 50,000 \\\hline\end{array}$$
D) $$\begin{array} { | l | r | r | } \hline \text { Loss on patents } & 50,000 & \\\hline \text { Patents } & & 50,000 \\\hline\end{array}$$