Moon Company purchased a patent with an original cost of $450,000 on August 1, 2014. The patent's estimated useful life is 9 years. The reported assuming that the patent was properly amortized using the straight-line method? What is the economic event behind this problem? What are the GAAP recognition rules, theory or concept? patent is sold on February 1, 2018 for an amount of $300,000. What is the gain or loss that will be How will this be measured? form? Prepare the journal entries to record. How does this look on the accounting equation and in T-Account Stockholders' Equity Balance sheet Assets - Balance Sheet Liabilities Current Assets Long- term Assets Current Liabilities Long-termCapital Liabilities Retained Earnings Other Income