K Prev Next > uestion 3 heridan Co., organized in 2017, provided you with the following information. Purchased a license for $28,960 on July 1,2017. The license gives Sheridan exclusive rights to sell its services in the tri- state region and will expire on July 1, 2025. Purchased a patent on January 2, 2018, for $76,600. It is estimated to have a 5-year life. Costs incurred to develop an exclusive Internet connection process as of June 1, 2018, were $92,600. The process has an indefinite life On April 1,2018, Sheridan Co. purchased a diode manufacturer for $696,200. Goodwill recorded in the transaction was $ 121,800. 2. . On July 1,2018, legal fees for successful defense of the patent purchased on January 2,2018, were $15,570. 5. Research and development costs incurred as of September 1,2018, were $92,600. Your answer is partially correct. - Prepare the journal entries to record all the entries related to the patent during 2018. (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 O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jar Patents 76,600 cash 76,600 JulPatents 15,750 Cash 15,750 De Amortization Expense 16895 Patents 16895 eTextbook and Media