Danks Corporation purchased a patent for $405,000 on September 1, 2019. It had a useful life of 10 years. On January 1, 2021, Danks spent $95,000 to successfully defend the patent in a lawsuit. Danks feels that as of that date, the remaining useful life is 5 years. a) What is the patent's carrying value on December 31, 2020, after necessary year end adjusting journal entries? b) Assume that you computed the patent's carrying value on December 31, 2020, to be 350,000 in (a) What amount should be reported for patert amortization expense for 2021