5 Partially correct Mark 10.00 out of 18.00 Flag question Recording Purchase of Patent through Debt and Equity Issuances On January 1, 2020, Century Inc. purchased from an inventor a patent with a list price of $110,000. Century paid for the patent as follows: cash, $40,000; issuance of 1,000 shares of its own common stock, par $10 (fair value, $20 per share); and a note payable due at the end of three years, face amount, $50,000, noninterest-bearing. The current interest rate for this type of financing is 12%. Required Record Century Inc.'s entry for the purchase of the patent. Note: List debits and credits in alphabetical order by account name. Note: Round your final answers to the nearest whole number. Account Name Patent Cash = Dr. 120000 X Cr. 0 = 14411 x 0 Common Stock 0 40000 Paid-in Capital in Excess of Par-Common Stock 0 10000 Paid-in Capital in Excess of Par-Common Stock Note Payable 0 10000 X 0 50000 X Check Partially correct Marks for this submission: 10.00/18.00. < Previous Save Answers