On September 5, 2020, Nelson Lumber purchased timber rights in Northern Quebec for $441,000, paying $97.000 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 12 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 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