Page 56 AMORTIZATION OF INTANGIBLE ASSETS Paul's Potato Products purchased a patent for a new potato packaging process at a cost of $250,000. It is estimated that the patent will be useful for only 5 years. Prepare the entry to record the purchase and the amortization of the patent at the end of the first full year. DEPLETION OF NATURAL RESOURSES The Haskell Mining Company purchased a copper mine for $31,000,000. The mine has an estimated 1,500,000 tons of copper. After mining the property is expected to have a residual value of $1,000,000 Prepare the entry to purchase the mine and the entry to record depletion for the first year if 400,000 tons of copper are mined and sold