Intermediated Accounting II Week 5

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Can you help me with the attached question?

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Brief Exercise 12-2 Novak Corporation purchases a patent from Wildhorse Company on January 1, 2017, for $69,000. The patent has a remaining legal life of 16 years. Novak feels the patent will be useful for 10 years. Assume that at January 1, 2019, the carrying amount of the patent on Novak's books is $55,200. In January, Novak spends $26,400 successfully defending a patent suit. Novak still feels the patent will be useful until the end of 2026. Prepare the journal entries to record the $26,400 expenditure and 2019 amortization. (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.) Account Titles and Explanation (To record expenditure of patents) (To record amortization expense) Debit Credit