Exercise 11-37 (Algo) IFRS; amortization; cost to defend a patent [LO11-4, 11-9, 11-10] Skip to question [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 $6.8 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 $480,000. Exercise 11-37 (Algo) Part 1 Required: 1. Calculate amortization of the patent for 2019 and 2020. 2. Prepare the journal entry to record the 2021 litigation costs. 3. Calculate amortization for 2021. 4a. Prepare the journal entry to record the 2021 litigation costs, assuming that Leeds prepares its financial statements according to IFRS. 4b. Calculate amortization for 2021, assuming that Leeds prepares its financial statements according to IFRS..