During the current year, Cactus Company spent $120,000 developing a new process, $32,000 in regulatory fees to register the patent, and $87,000 to advertise the process that was patented. Cactus recorded $120,000 as the cost of the patent. This amount is: Group of answer choices Incorrect - the amount capitalized for the patent is too high Incorrect - all costs should have been expensed Incorrect - the amount capitalized for the patent is too low Correct