On September 5, 2020, Nelson Lumber purchased timber rights in Northern Quebec for $504,000 paying $104,000 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 $156,000 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 rights and the patent View transaction list Journal entry worksheet 1 2 > Record the purchase of timber rights. Note: Enter debits before credits. Date General Journal Debit Credit September 05, 2020 Record entry Clear entry View general journal 2. Record amortization on the timber rights and the patent at December 31, 2020, and December 31, 2021 View transaction list Journal entry worksheet Record the amortization of timber rights. Note: Enter debits before credits General Journal Debit Credit Date December 31, 2020 Record entry Clear entry View general journal