Lumen OHM Assessment

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A company spends $50,000 on research and development and then files for a patent, incurring significant fees, including legal fees, of $100,000. The product is expected to be obsolete in five years, but the patent is good for 20 years. If the patent is awarded on June 1, what is the amortization journal entry for the first year?

Debit amortization expense $11,667, credit patent $11,667.
Debit amortization expense $10,000, credit patent $10,000.
Debit patent $11,667, credit amortization expense $11,667.
Debit amortization expense $20,000, credit patent $20,000.