C is corrent. Per ASC Topic 350, a patent is to be amortized over its useful life, not to exceed its legal life of 17 years. The remaining legal life of this patent is 15 years. Thus, it should be amortized over 15 years or its useful life, whichever is shorter.
A is incorrect because ASC Topic 350 states that intangible assets are to be amortized over their legal life or their useful life, whichever is shorter.
B is incorrect because ASC Topic 350 states that intangible assets (patent) shall not be written off in the period of their acquisition.
D is incorrect because the patent cost should be written off over the remaining legal life of 15 years or the useful life, whichever is shorter.
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