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On January 4, 2019, Franc Company purchased for $24,000 a patent that had been filed 8 years earlier. The patent covers a manufacturing process that

On January 4, 2019, Franc Company purchased for $24,000 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 $11,000 for successfully defending the patent in a lawsuit. Required: Prepare all the journal entries associated with the patent in 2019 and 2020

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