Ivanhoe Corporation purchases a patent from Oriole Company on January 1, 2020, for $90,720. The patent has a remaining legal of 16 years. Ivanhoe feels the patent will be useful for 10 years. Assume that at January 1, 2022, the carrying amount of the patent on Ivanhoe's books is $72,576. In January, Ivanhoe spends $21,600 successfully defending a patent suit. Ivanhoe still feels the patent will be useful until the end of 2029. Prepare Ivanhoe's journal entries to record the amortization for 2020 and 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2020 Patents 21,600 Cash 21,600 2022 Amortization Expense Patents