Chapter 11 Assessment Save 11 Required information The following information applies to the questions displayed below) On September 30, 2019, Leeds LTD. acquired a patent in conjunction with the purchase of another company. The patent valued at $5 million, was estimated to have a 10-year life and no residual value Leeds uses the straight line method of amortization for Intangible assets. At the beginning of January 2021. Leeds successfully defended its patent against Infringement. Litigation costs totaled $300.000 Part 2 49. Prepare the journal entry to record the 2021 litigation costs, assuming that Leeds prepares its financial statements according to 45. Calculate amortization for 2021, assuming that Leeds prepares its financial statements according to IFRS. Complete this question by entering your answers in the tabs below. Res R40 Prepare the journal entry to record the 2021 litigation costs, assuming that neds prepares its financial statements according to IFRS.( no entry required for a transaction/event, select "No journal entry required in the first account hield Enter your answers in whole dollars) View transaction that Journal entry worksheet Record the 2021 litigation costs COM 11 Required information [The following information applies to the questions as played below) On September 30, 2019, Leeds LTD, acquired a patent in conjunction with the purchase of another company. The patent valued at $5 million was estimated to have a 10-year life and no residual value. Leeds uses the straight-line method of amortization for intangible assets. At the beginning of January 2021 Leeds successfully defended its patent against Infringement Litigation costs totaled $300.000 Part 2 4. Prepare the journal entry to record the 2021 ligation costs, assuming that Leeds prepares its financial statements according to FRS 4b. Calculate amortization for 2021, assuming that Leeds prepares its financial statements according to IFRS. Complete this question by entering your answers in the tabs below. Nog 4 Calculate amortization for 2021, assuming that Leeds prepares its financial statements according to IFRS (Enter your answer wholar) Reg 4A