of 14 Below you will find 3 independent questions. Be sure to label your work as part (a), (b) or (c) as necessary (a) Johnny Limited company purchased a patent on January 1, year 1, for $1,500,000. The patent's legal life is 20 years but the company estimates that the patent's useful life will only be 5 years from the date of acquisition. On June 30, year 1, in successfully defending the patent in an infringement suit. Prepare the entry to amortize the patent at year end on December 31, year 1. the company paid legal costs of $180,000 (b) Walker Ltd. purchased a franchise from the Tasty Food Company for $500,000 on January 1, year 1. The franchise is for an indefinite time period and gives Walker Ltd. the exclusive rights to sell Tasty Wings in a particular territory. Record the acquisition of the franchise and any necessary adjusting entry at year end on December 31, year 1. (c) Dewar Corporation incurred research costs of $350,000 in year 1. ecord this event as of December 31. all cases, you need to state "no entry" if none is required.