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Nathan Company purchased a patent on 1/1/20X1 for $20 million. The patent has a useful life of 10 years. The company also spent $400m in

Nathan Company purchased a patent on 1/1/20X1 for $20 million. The patent has a useful life of 10 years. The company also spent $400m in 20X1 on research and development towards developing new patents. Provide the entries the company will make for the following transactions.

1. Purchase of the patent on 1/1/20X1

2. Use of the purchased patent during 20X1

3. Spent $400m on research and development in 20X1

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