Martinez, Inc. acquired a patent on January 1, 2016 for $40,700 cash. The patent was estimated to have a useful life of 10 years with no residual value. On December 31, 2017, before any adjustments were recorded for the year, management determined that the remaining useful life was 7 years (with that new estimate being effective as of January 1, 2017). On June 30, 2018, the patent was sold for $25,700. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Compute the amount of amortization that would be recorded in 2017. (Round your final answer to the nearest whole dollar.) Amount of Amortization $ 5,143 Determine the gain (loss) on sale on June 30, 2018. (Round your intermediate calculations and final answer to the nearest whole dollar.) Gain (loss) Prepare the journal entry to record the sale of the patent on June 30, 2018. (Round your intermediate calculations and final answer to the nearest w dollar.) View transaction list Prepare the journal entry to record the sale of the patent on June 30, 2018. (Round your intermediate calculations and final answer to the nearest whole dollar.) View transaction list Journal entry worksheet Record the sale of the patent on June 30, 2018 Note: Enter debits before credits Date General Journal Debit Credit June 30, 2018 Record entry Clear entry View general journal