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AstraZeneca Co purchases Patents to manufacture and sell Covid-19 vaccine. the company paid $382,500 cash on January 1, 2020 and they agreed to use patent

AstraZeneca Co purchases Patents to manufacture and sell Covid-19 vaccine. the company paid $382,500 cash on January 1, 2020 and they agreed to use patent rights for 9 years. Required journal entries to: 1) Record the purchase of the Patents on January 1, 2020. 2) Calculate & record annual amortization on December 31, 2020. Use the editor to format your answer (1 Point) (2 Points)

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