Larkin Incorporated is a wholesale distributor of computer parts. In 2024,the following situations occurred or

were discovered:

b. A patent costing $20,000 at the beginning of 2022 was expected to benefit operations for a total of

10 years. The entire amount was debited to patents. However, the patent has not been amortized

since it was acquired.

Larkins books are closed for 2022 and 2023 but are still open in 2024.

INSTRUCTIONS: For each situation, prepare any journal entry necessary as a direct result of the change or error

correction, as well as any adjusting entry required for 2024 related to each situation described. (Ignore

income taxes.)