List of Account Name options:

Debit and Credit are to be number amount.

During Year 1, a company invested $50,000 and $150,000 in the research phase and development phase, respectively, for the internal development of a patent for its own use. The patent was registered and ready for its intended use on January 1, Year 2. When preparing the financial statements for Year 4, the controller discovered that the R&D costs incurred in Year 1 were capitalized for the cost of the patent and amortized from January 1, Year 2, based on the straight-line method over 10 years. Prepare the appropriate journal entry that should be recorded in Year 4 based on the facts described above. no journal entry has been recorded in Year 4. To prepare each required journal entry: Click on a cell in the Account Name column and select from the option list the appropriate account. An account may be used once, more than once, or not at all. Enter the corresponding debit or credit amount in the associated column. . Round all amounts to the nearest whole number Not all rows in the table might be needed to complete each journal entry. If no journal entry is needed, check the "No entry required" box at the top of the table as your response. No Entry Required Account Name Debit Credit 123 123 123 123 123 123 123 123 123 123 O Patent O R&D expense O Amortization expense O Other comprehensive income O Retained earnings 1/1/Year 4 O Interest expense O Paid-in capital O Cash O Depreciation expense O No entry required