Holze Music Company purchased for \(\$ 600,000\) a patent for a new sound system. Although it gives legal protection for 20 years, the patent is expected to provide the company with a competitive advantage for only six years. Make journal entries to record

(a) the purchase of the patent and

(b) amortization for year 1 After using the patent for two years, Holze Music Company's research director learns at a professional meeting that BOSE is designing a more powerful system. On the basis of this new information, Holze Music Company determines that the patent's total useful life is only four years. Record amortization for year 3