Exercise 251 For each of the following unrelated transactions (1) Costs (It was not acquired) of $39,000 were incurred on January 1 to obtain a patent. On January 31, $38,610 was spent in (2) A company acquired a copyright for $160,000. The copyright has a useful life of 50 years. legal costs to successfully defend the patent against competitors. The patent has an estimated legal life of 12 years. Determine the amount of the amortization for the current year. (1) Amount of the amortization for the current year (2) Amount of the amortization for the current year s SHOW L1IST OF ACCOUNTS Present the adjusting entries required to record amortization at year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS