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Assignment 4 - Chapter 6 Comm 204-Fall 2021 Question 3 Prepare the journal entries for the following independent situations to recognize the purchase and amortization for the first year. Explanations are not required. (8 marks) a) January 1, 2020, Stern Ltd. paid $2,500,000 to acquire Bentley Ltd. Bentley had assets valued at $9,550,000 and liabilities of $8,700,000. b) Songs Plus paid for several patents on January 1, 2020 for a total price of $1,250,000. The patents have a legal life of 20 years and are expected to provide revenues for the next 10 years. DATE ACCOUNT DEBIT CREDIT