Question $28$ of $46$

Current Attempt in Progress

Concord purchased a patent for $$61900$ on August $1,2024.$ The patent has a legal life of $20$ years and expected to have a useful life of five years. One year later, the company spends an additional $$10300$ to successfully defend an infringement suit in court. The company's year end is July $31.$ Which of the following is the correct journal entry to record the purchase of the patent on August $1,2024?$

Cash $,61900$

Patents $,61900$

$\backslash$table$[[$Patents$,61900],[$Legal Expense,$10300]]$

Cash $,72200$

Cash $,72200$

$\backslash$table$[[$Patents$,10300],[$Legal Expense,$61900]]$

Patents $61900$

Cash

$61900$