4 points Sot On July 1, 2020 ABC Co. purchased a patent for $1,200,000, The patent legally protects the owner for 20 years the company plans to use it for 30 years Reguleed: Prepare the journal entry to record the amortization expense on Dec 31, 2020 B. On tumary 1, 2017. Sa Co puchared equipment conting $624,000. The equipment has been depreciated using the straight-line method based on estimated salvage value of $48,000 and an estimated useful life of 6 years. On April 1, 2020, the company sold the equipment for $280,000 cash Required. Prepare journal entries to record: 1. The partial year's depreciation (the update) on April 1, 2020 VOUR ANSWER SHOULD BE IN THE FOLLOWING FORME DO NOT USE "BETWEEN NUMBERS: Dr. Catch 10000 Cr. Lund 10000 for the toolbar.press ALTF101) O ALTF4F10(Mac). BIUS Paragraph Arial 14px IE T X V