Exercise 10-12 The following are selected 2020 transactions of Pronghorn Corporation. Jan. 1 Purchased a small company and recorded goodwill of $141,000. Its useful life is indefinite May 1 Purchased for $114,000 a patent with an estimated useful life of 4 years and a legal life of 15 years Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (Credit account titles are automatica amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amoun Date Account Titles and Explanation Debit (To recond goodwill amortization) Dec. 31 To record patens amortization) Question Attempts: Unlimited SAVE FOR LATER & Sons, h, All Rights Reserved. A Drvision of hn wley & Sons1n. 3 5 9