Keen Cempany acquired patent rights on January 10 of Year 1 for $464,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4 , Kleen successfully defended the patent in a lawsuit at a cost of $23,000. If required, round your answers to the nearest dollar. a. Determine the patent amortization expense for Year 4 ended December 31 . x Feectora Toneck My woh For intangible assets with finite lives, a company uses the straight-line method to calculate amortization. If a company successfully defends a patent it becomes part of the gost of the patent. If the company loses a lewsult regarding a potent infringement, then the patent is written off. b. Joumalize the adjusting entry on December 31 of Year 4 to recognize the amortization. If an amount box does not require an entry, leave it biak. Futitad Tonitirwon. Unike the entries to record deprectation and depletion, the recorting of amortization does not affect a contra asset account. Keen Cempany acquired patent rights on January 10 of Year 1 for $464,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4 , Kleen successfully defended the patent in a lawsuit at a cost of $23,000. If required, round your answers to the nearest dollar. a. Determine the patent amortization expense for Year 4 ended December 31 . x Feectora Toneck My woh For intangible assets with finite lives, a company uses the straight-line method to calculate amortization. If a company successfully defends a patent it becomes part of the gost of the patent. If the company loses a lewsult regarding a potent infringement, then the patent is written off. b. Joumalize the adjusting entry on December 31 of Year 4 to recognize the amortization. If an amount box does not require an entry, leave it biak. Futitad Tonitirwon. Unike the entries to record deprectation and depletion, the recorting of amortization does not affect a contra asset account