Pharoah Company purchases a patent for $$146,000$ cash on January $2,2024.$ Its legal life is $20$ years and its estimated life $8$

years.

$($a$)$

Record the purchase of the patent on January $2,2024.($Credit account titles are automatically indented when the amount is

entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry

before credit entry.$)$

Date Account Titles

Debit

Credit

Jan.

$2$