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Can you solve question 5,6 and 7? Nisha Coal Company On January 1, 2013, Nisha Coal Company was granted a patent for one of its

Can you solve question 5,6 and 7?
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Nisha Coal Company On January 1, 2013, Nisha Coal Company was granted a patent for one of its products.the cost of the patent was $ 80.000 and it was estimated to have a useful life of 8 years. The ledger of the company showed the Equipment with a balance of $ 16,000 and its accumulated depreciation was $6,000 with a useful life of 5 years and a salvage value of $ 1,000.On March 31, 2013 the company purchased a delivery truck for $ 16,000 and estimated its useful life to be 3 years and the salvage value to be $ 1,000. On November 1., 2014 the cotnpany purchased a building that cost $ 2 million, the estimated useful life of the building is 20 years and the salvage value is expected to be $ 60.000. On December 31, 2014 the company sold the delivery truck that was purchased in 2013 for $ 5,000. The company incurred the following expenses in 2013 and 2014: The company paid $ 100 each year for Oil Change for the delivery truck..In 2014, the company paid $ 3,000 for Building Maintenance. The company paid $ 3,200 annually in 2013 and 2014 for Equipment Maintenance.You arc required to read the above case and answer the following questions. Journalize the transaction for the patent granted.Record the journal entry for bui Iding purchase. Record the journal entry for Deprecation expense for year 2013 and 2014 for Equipment, Building and Delivery truck. Company uses Straight line depreciation method for its all Plant assets, (separate the entries for 2013 from 2014) Record the journal entry for all the expenses which company incurred dunng 2013 and 2014.(seperate the entries for 2013 from 2014) Record the journal entry for sale of Delivery truck. prepare the Journal entry to record amortization of patent.Patent is an intangible asset. What is your opinion regarding amortization expose for patent

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