Prepare the following journal entires and calculations:

Prepare the following journal entries and calculations: A patent that was acquired for $100, 000 at the beginning of the current year expires in 15 years and is expected to have value for 4 years. Present the adjusting entry to amortize the patent for the current year. Mineral rights on an ore deposit estimated at 4, 000, 000 tons of ore were acquired for $4, 000, 000. Present the adjusting entry to record depletion for the current year, during which 350, 000 tons of ore were removed