July 1, 2020 ABC purchased the patent for $ 1,200,000. The patent protects the owner legally for 20 years the company plans to use. Required: Prepare a journal entry to record the amortization expense on December 31, 2020 b. On January 1, 2017, Sar Co purchased equipment that cost $ 624,000. Equipment depreciated using the straight-line method based on an estimated salvage value of $ 48,000 and an estimated useful life of 6 years. On April 1, 2020, the legacy company spent $ 250,000 in cash required. Prepare journal entries to record: 1. Partial depreciation for the year (update) on April 1, 2020, 2. Equipment sale on April 1, 2020. Your answer should be as follows: Do not use between the numbers d. Cash 10,000 cr, 10,000 land

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