On January 1, 2020, Century Inc. purchased from an inventor a patent with a list price of $110,000. Century paid for the patent as follows: cash, $40,000; issuance of 1,000 shares of its own common stock, par $10 (fair value, $20 per share); and a note payable due at the end of three years, face amount, $50,000, noninterest-bearing. The current interest rate for this type of financing is 12%. Required Record Century Inc.'s entry for the purchase of the patent.