Jazzy Antiques purchased the copyright on a watercolout painting for $196,680 on January 1, 2023. The copyright legally protects its owner for 18 more years. However, Jazzy plans to market and sell prints of the original for the next 11 years only. Prepare journal entries to record the purchase of the copyright and the annual amortization of the copyright on December 31,2023. The company uses the straight-iline method to amortize intanglbles. Assume that cash was pold. Journal entry worksheet 2 On September 5, 2023, Nelson Lumber purchased timber rights in Northern Quebec for $459,000, paying $99,000 cash and the balance by issuing a non-current note. Logging the orea is expected to take three years, and the timber fights will have no value aftel that time. On September 27, 2023, Nelson Lumber purchased a patent for $162.000 for new logging equipment on account. It is expected that the patent will be technologically obsolete in 12 years. Nelson's year-end is December 31 and it uses the straight-line method to the nearest month to amortize intangibles. Required: 1. Record the acquisition of the timber rights and the patent. Journal entry worksheet 2. Record amortization on the timber rights and the patent at December 31,2023 , and December Journal entry worksheet Note: Enter debits before credits