Question 3 Prepare the journal entries for the following independent situations to recognize the purchase and amortization for the first year. Explanations are not required. a) January 1, 2020, Explorer Ltd. paid $1,500,000 to acquire Imperial Ltd. Imperial had assets valued at $10,560,000 and liabilities of $9,800,000 b) Songs Plus paid for several patents on January 1, 2020 for a total price of $180,000. The patents have a legal life of 20 years and are expected to provide revenues for the next 9 years. DATE ACCOUNT DEBIT CREDIT