eflook Pos Mc Exercise 9-31 Amortization of intangible assets LO2, 3, 7 On September 5, 2023, Nelson Lumber purchased timber rights in Northern Quebec for $558,000, paying $110,000 cash and the balance by issuing a non-current note. Logging the area is expected to take three years, and the timber rights will have no value after that time. On September 27, 2023, Nelson Lumber purchased a patent for $162,000 for new logging equipment on account. It is expected that the patent will be technologically obsolete in 15 years. Nelson's year-end is December 31 and it uses the straight-line method to the nearest month to amortize intangibles Required: 1. Record the acquisition of the timber rights and the patent View transaction list View journal entry worksheet No. 1 Date September 05 2023 General Journal Debit Credit Timber rights 559.000 Cash Long-term notes payable 110,000 448,000 2 September 27 2023 Patent Accounts payable 2,000 2.000 9 Sock ences 2. Record amortization on the timber rights and the patent at December 31, 2023, and December 31, 2024 View transaction list Journal entry worksheet < Record the amortization of timber rights. Note: Enter debits before credits Date General Journal December 31, 2023 Amortization expense, timber rights Accumulated amortization, timber rights Debit Credit 62.000 62.000