A On July 1, 2020 ABC Co purchased a patent for $ 2,400,000 The patent legally protects the owner for 20 years and the company plans to use it for 30 years Required Prepare the journal entry to record the amortization expense on Dec 31, 2020 B On January 1, 2017, Sar Co purchased equiptnent costing $312,000 The equipment has been depreciated using the straight line method based on estimated salvage value of $24 000 and an estimated useful life of 6 years On April 1 2020, the company sold the equipment for $ 140,000 cash Required Prepare journal entries to record 1 The partial year's depreciation (the update) on April 1, 2020 2 The sale of the equipment on April 1, 2020 YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM DO NOT USE , BETWEEN NUMBERS Dr Cash 10000 Cr Land 10000 4 points A On July 1, 2020 ABC Co purchased a patent for $2 406),000 The patent legally protects the owner for 20 years and the company plans to use it for 10 years Required Prepare the journal entry to record the amortization expense on Dec 31, 2020 B On January 1, 2017, Sar Co purchased equipment costing $312,000 The equipment has been depreciated using the straight line method busel on estimated video and an estimated useful life of 6 years On April 1, 2020, the company sold the equipment for $ 140,000 cash Required Prepare journal entries to record 1 The partial year's depreciation (the update) on April 1, 2020, 2 The sale of the equipment on April 1, 2020 YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM, DO NOT USE BETWEEN NUMBERS Dr Cash 10000 Cr Land 10000 HAVA ERLEIMA

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A. On July 1, 2020 ABC Co. purchased a patent for $ 2,400,000. The patent legally protects the owner for 20 years and the company

A. On July 1, 2020 ABC Co. purchased a patent for $ 2,400,000. The patent legally protects the owner for 20 years and the company plans to use it for 30 years. Required: Prepare the journal entry to record the amortization expense on Dec. 31, 2020. B. On January 1, 2017, Sar Co. purchased equiptnent costing $312,000. The equipment has been depreciated using the straight-line method based on estimated salvage value of $24.000 and an estimated useful life of 6 years. On April 1. 2020, the company sold the equipment for $ 140,000 cash. Required: Prepare journal entries to record: 1. The partial year's depreciation (the update) on April 1, 2020. 2. The sale of the equipment on April 1, 2020. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE "," BETWEEN NUMBERS: Dr. Cash 10000 Cr. Land 10000 image text in transcribed

4 points A. On July 1, 2020 ABC Co. purchased a patent for $2.406),000. The patent legally protects the owner for 20 years and the company plans to use it for 10 years Required: Prepare the journal entry to record the amortization expense on Dec 31, 2020 B. On January 1, 2017, Sar Co. purchased equipment costing $312,000. The equipment has been depreciated using the straight-line method busel on estimated video: and an estimated useful life of 6 years. On April 1, 2020, the company sold the equipment for $ 140,000 cash Required. Prepare journal entries to record: 1. The partial year's depreciation (the update) on April 1, 2020, 2. The sale of the equipment on April 1, 2020 YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM, DO NOT USE BETWEEN NUMBERS Dr. Cash 10000 Cr Land 10000 HAVA ERLEIMA