Prepare the required adjusting journal entry at December 31, 2022, the end of the annual accounting period for the three items below. Assume that no adjusting entries have been made during the year.

Polk Company acquired a patent that cost $6,000 on January 1, 2022. The patent was registered on January 1, 2018. The useful life of a patent is 20 years from registration.

Record the adjusting entry for the patent on December 31, 2022 purchased on January 1, 2022 at cost $6,000 with the useful life of 20 years from registration. The patent was registered on January 31, 2018.