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Question 3.1 (10 marks) Green Apple purchases a patent from JK Tech on July 1, 2022, for $360,000. The patent has a remaining legal life

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Question 3.1 (10 marks) Green Apple purchases a patent from JK Tech on July 1, 2022, for $360,000. The patent has a remaining legal life of 9 years. Green Apple believes the patent will be useful for another 4 years based on expected innovations. Instructions: (a) Prepare an entry to record the purchase of the patent. (b) What is the amount of patent to be reported on the balance sheet as of Dec. 31, 2022

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