Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, 2019, for $60,000. The patent has a remaining legal life of 10 years. Required: Prepare the journal entries to record the acquisition and the amortization for 2019, assuming Mystic Pizza amortizes its patents using the straight- line method over the life of the asset. CHART OF ACCOUNTS Mystic Pizza Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance EXPENSES 500 Cost of Goods Sold 181 Equipment 511 Insurance Expense 189 Accumulated Depreciation 512 Utilities Expense 191 Patent 521 Salaries Expense 532 Bad Debt Expense LIABILITIES 533 Amortization Expense 211 Accounts Payable 540 Interest Expense 231 Salaries Payable 541 Depreciation Expense 250 Unearned Revenue 559 Miscellaneous Expenses 910 Income Tax Expense 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings Prepare the journal entries to record the purchase for cash on January 1 and the amortization on December 31. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT