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Sandhill Co purchases a patent for $159,300 on January 2, 2022. Its estimated useful life is 10 years. (a) Prepare the journal entry to record amortization expense for the first year. (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 for the amounts) Account Titles and Explanation Debit Credit (b) Show how this patent is reported on the balance sheet at the end of the first year. Tangible Assets : Pharoah Company sells office equipment on July 31, 2022, for $23,160 cash. The office equipment originally cost $78,110 and as of January 1, 2022, had accumulated depreciation of $38,300. Depreciation for the first 7 months of 2022 is $3,500. Prepare the journal entries to (a) update depreciation to July 31, 2022, and (b) record the sale of the equipment. (Credit account cities 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 for the amounts.) No. Account Titles and Explanation Debit Credit Depreciation Expense 3500 Accumulated Depreciation Equipment 3500 (b) Cash 23160 13150 Loss on Disposal of Land