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 equipment 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 DR. CASH 1000 CR. LAND 1000