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Aystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, 2019, for $99,000. The patent has a remaining legal life of 11

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Aystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, 2019, for $99,000. The patent has a remaining legal life of 11 years. Required: Prepare the journal entries to record the acquisition and the amortization for 2019, assuming Mystic Pizza amortizes its patents using the straightline method over the alfe of the asset. Prepare the joumal entries to record the purchase for cash on January 1 and the amortization on December 31. General Joumal Instructions

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