Prepare the journal entries to record the depreciation and the sale of the equipment on July 1, 2015. On January 2, 2015, Chanton Company purchased a patent for $80,000. The patent has a 5 year estimated useful life and a legal life of 20 years. a) Journalize the entry to record patent amortization for 2015. On March 31, 2016, the company paid $20,000 in legal fees to successfully protect its patent. b) Journalize the transaction for March 31, 2016