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17. The following three events are somewhat unusual and therefore are chal- lenging to value and to record properly. Indicate what accounts you think will

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17. The following three events are somewhat unusual and therefore are chal- lenging to value and to record properly. Indicate what accounts you think will be affected, if any, and whether the entry will be a debit or credit. Also describe how you would arrive at the values required for the entries. a. The Greene Company acquires from a local inventor a patent that the company will use in the coming years, in exchange for 500 shares of Greene's common stock issued to the inventor. b. The Mendocino Corporation leases a specialized machine tool from a lease financing company for five years, the estimated useful life of the machine tool. Mendocino estimates that the machine tool will be val- ueless at the end of five years. The lease requires 60 monthly payments of $2,750. c. Ford Biotech files a lawsuit against one of its suppliers for $150,000 for breach of contract. The supplier has offered to settle for $25,000, but Ford has decided to take the matter to court

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