Martinez, Inc. acquired a patent on January 1, 2016 for $41,100 cash. The patent was estimated to havea 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 $26,100. (lf no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)