Metlock Limited purchased a patent for $81,600 on June 1, 2019 Metlock has a calendar fiscal year end Straight line amortization is used for the patent, based on a five year useful life, although the remaining legal life was 10 years On May 31, 2021, Metlock paid $31,200 in legal fees to successfully defend this patent in court and now wants to revise the estimate of the patents remaining useful life to 8 years, which is the same as its remaining legal life Record the purchase of the patent on June 1, 2019 (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) Date Account Titles and Explanation Debit Credit June 1, 2019 Record amortization expense for the fiscal years 2019 and 2020 (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) Date Account Titles and Explanation Debit Credit Dec 31, 2019 Dec 31, 2020 Record the payment of the legal fees on May 31, 2021 (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) Date Account Titles and Explanation Debit Credit May 31, 2021 Record any necessary amortization prior to the change in the useful life of the patent (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) Date Account Titles and Explanation Debit Credit May 31, 2021 Record the amortization expense for the remainder of the 2021 fiscal year (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) Date Account Titles and Explanation Debit Credit Dec 31, 2021

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Metlock Limited purchased a patent for $81,600 on June 1, 2019. Metlock has a calendar fiscal year end. Straight-line amortization is used for the patent,

Metlock Limited purchased a patent for $81,600 on June 1, 2019. Metlock has a calendar fiscal year end. Straight-line amortization is used for the patent, based on a five-year useful life, although the remaining legal life was 10 years. On May 31, 2021, Metlock paid $31,200 in legal fees to successfully defend this patent in court and now wants to revise the estimate of the patents remaining useful life to 8 years, which is the same as its remaining legal life.

Record the purchase of the patent on June 1, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
June 1, 2019

Record amortization expense for the fiscal years 2019 and 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2019

Dec. 31, 2020

Record the payment of the legal fees on May 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
May 31, 2021

Record any necessary amortization prior to the change in the useful life of the patent. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
May 31, 2021

Record the amortization expense for the remainder of the 2021 fiscal year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)