Exercise 21-4 Field Corp.'s controller was preparing the year-end adjusting entries for the company's year ended December 31, 2017, when the V.PFinance called him into her office. lean-Pierre," she aid 1 we been conside ng a couple of matters at may require different treatment this year. First, the patent we acquired in early January 2015 for $551,00 will now likelv be used until the end of 2019 and then be sold or $227,000 e previous y thought that we'd use it for 10 years in total and then be able to sell it for $151,000, We've been using straight-line amortization on the patent. Second, just discovered that the property we baught an July 2, 2011 far $274,000 was charged entirely to the Land accaunt instead af being allocated between Land ($63,0D) and Building ($211,D. The building shauld be of usc to us for a total af 20 years. At that point, it'l be sold and we should be able to realize at least $46,800 from the sale of the building. Please let me know how Ihese chances should be accounted for arnd what eTect they will have on the finanial statements. Field Corp, follows IFRS. Answer the following, Ignoring income tax considerations and assuming that the company has not previously reported quarterly results Your answer is partially correct. Try aain Assuming that no amortization has been recorded as yet for the patent for 2017 prepare the December 31, 2017 entries that are necessary to make the accounting changes and to record patent amortization expense for 2017 (Credit account titles are auto indented when the amount is entered. Do not ident manually. If 0 entry is required, select "No Entry" for the account titles and enter 0 tor the amounts.) t cal y Date Account Titles and Explanation Debit Credit Dex. 31 rtization Expense 84000 Accumulated Amortization Patent To racord amortization axpense.) Dec. 31 Buildings 211000 Land To record error entry.) Dec. 31 Depreciation Expense Retained Earnings Depreciation Buildings To record error corection entry.) Your answer is partially correct. Try again. Calculate where possible, the required disclosure amounts per year of increase/decrease for each change. Amount Increase/Decrease Patent Amortization Expense Land and Building Depreciation Expense 43000 Increase 776 Increase Net Income 77 Decrease SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT | LINK TO TEXT LINK TO TEXT