MontyCorporation purchases a patent fromSandhillCompany on January 1, 2020, for $66,000. The patent has a remaining legal life of 16 years.Montyfeels the patent will be useful for 10 years. Assume that at January 1, 2022, the carrying amount of the patent onMonty's books is $52,800. In January,Montyspends $24,800successfully defending a patent suit.Montystill feels the patent will be useful until the end of 2029.

Prepare the journal entries to record the $24,800expenditure and 2022 amortization