jiurnal entries

18. Purchased a Patent (Intangible Asset) for $76,000 on August 1st with cash. The patent will be amortized over a 10 year period on a straight-line basis. [Adjusting Entry Required] 19. On August 6th, a piece of land that was originally purchased for $1,150,000 was sold for $1,240,000 cash. 20. August 15th, customers bought 9,000 garden gnomes at $148 per unit. The cost of goods sold is determined by the method of inventory valuation used by the company. Customers paid 45% in cash and the remainder was on account. 21. Received on August 25th a $129,000 cash payment from a customer paying on their account