Flint Ltd$.$ purchased a patent on September $1,2020$ for $$44,720.$ At the time of purchase, Flint estimated that the patent's economic

benefits would last until the end of $2024$ fiscal year. Flint's fiscal year$-$end is December $31.$ On April $1,2023,$ Flint sold the patent to

another company.

$($a$)$

Prepare the journal entry to record the sale, assuming Flint sold the patent for $$22,710.($Credit account titles are

automatically indented when 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. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

Cash

Loss on Disposal of Intangible Assets

Amortization Expense

Intangible Assets $-$ Patents