Field Corp.'s controller was preparing the adjusting entries for the company's year ended December 31, 2020, when the V.P. Finance called him into her office.

"Jean-Pierre," she said, "I've been considering a couple of matters that may require different treatment this year. First, the patent we acquired in early January 2018 for $561,000 will now likely be used until the end of 2022 and then be sold for $227,000. We previously 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, I just discovered that the property we bought on July 2, 2017, for $274,000 was charged entirely to the Land account instead of being allocated between Land ($63,000) and Building ($211,000). The building should be of use to us for a total of 20 years. At that point, it'll be sold and we should be able to realize at least $46,800 from the sale of the building."

"Please let me know how these changes should be accounted for and what effect they will have on the financial statements."

Field Corp. follows IFRS. Answer the following, ignoring income tax considerations and assuming that the company has not previously reported quarterly results.

Assuming that no amortization has been recorded as yet for the patent for 2020, prepare the December 31, 2020 entries that are necessary to make the accounting changes and to record patent amortization expense for 2020. (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.)