On January 4, 2019, Franc Company purchased for $21,000 a patent that had been filed 8 years earlier. The patent covers a manufacturing process that the company plans to use for 15 years. On January 3, 2020, the company paid its lawyers $9,900 for successfully defending the patent in a lawsuit. Required: Prepare all the journal entries associated with the patent in 2019 and 2020. CHART OF ACCOUNTS Franc Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 511 Insurance Expense 181 Equipment 512 Utilities Expense 189 Accumulated Depreciation 191 Patent LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable 521 Salaries Expense 532 Bad Debt Expense 533 Amortization Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings Prepare all the journal entries associated with the patent in 2019 and 2020. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT