5. Attempt Both parts a and b a) Galena Company purchases a patent for $120000 on January 2, 2019. Its estimated useful life is Years. a) Prepare the journal entry to record the patent expense for the first year. b) Show how the patent will be reported in the balance sheet at the end of the first year. b)P Corporation issued 3000 8% 5 Years $1000 bonds dated January1,2019 at 100. i Prepare journal entry to record the sales of these bonds. ii. Prepare the journal entry to record the first interest payment on July1.2019