Martinez, Inc. acquired a patent on January 1, 2016 for $40,100 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 $25,100 (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required: a. Prepare the journal entry to record the acquisition of the patent on January 1, 2016 View transaction list Journal entry worksheet Record the entry for acquisition of patent. Note: Enter debits before credits. Date General Journal Debit Credit January 01 2016 Record entry Clear entry View general journal