Question $20$ of $21$

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Sweet Products Ltd$.$ purchased a patent on January $1,2020,$ for $$780,000.$ At the time of the purchase, the patent had a remaining legal life of $15$ years. In January, $2023,$ Sweet spent $$288,000$ successfully defending the patent in court. One of the other results of the court case was the discovery that the patent would only have a remaining useful life of $8$ years. Sweet's year$-$end was December $31.$

Prepare the entries on the books of Sweet Ltd$.$ to record $($a$)$ the purchase of the patent, $($b$)$ amortization for the first year $(2020),($c$)$ th defense of the patent, and $($d$)$ amortization for $2023.($If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to $0$ decimal places eg$.5,275.$ List all debit entries before credit entries.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$($a$)$

$$

$$

$($b$)$