On September 5, 2020, Nelson Lumber purchased timber fights in Northern Quebec for $450,000, paying $98,000 cash and the balance by issuing a non-current note. Logging the area is expected to take three years, and the timber rights will have no value after that time on September 27, 2020. Nelson Lumber purchased a patent $150,000 for new logging equipment on account. It is expected that the patent will be technologically obsolete in 10 years. Nelson's year-end is December 31 and it uses the straight line method to the nearest month to amortize intangibles Required: 1. Record the acquisition of the timber nights and the patent View transaction lit Journal entry worksheet TH Record the purchase of timber nights. NotEnter debits before credits General Journal Debit Credit September 2020 Timbertis Cash Longer notes Day Ho Date General Journal DHE Credil 2 1 December 31 2020 Amortization expense, timber rights Accumulated amortization, timber rights NO 2 December 31 2020 Amortization experse, patent Accumulated amortization, patent IN 3 December 31 2021 Amortization expense, timber rights Accumulated amortization, timber rights 4 December 31 2021 Amortization expense patent Accumulated amortization patent