On January 1, 2016, the Turner Company purchased a patent from the Hanson Company for $172,000. The patent had an estimated useful life of 12 years at that time. On January 1, 2018, the Turner Company incurred legal costs of $42,000 to successfully defended their patent against infringement by another company. On January 1, 2019, the Turner Company purchased a competing patent from the Miller Company for $36,000. They have no plans to use the competing patent in their business.

1) How will the patent amortization expense be for 2019? Show and label all of your

computations.

2) Prepare the journal entry that will be recorded on December 31, 2019, to recognize

that patent amortization expense.