Question 4 (10 marks) Part 1 Bright Lights Ltd. sold lighting merchandise. On June 05, Bright Lights acquired another company that had the following amounts on its financial statements: Book value of Assets Market value of assets Liabilities $ 1,800,000 $3,000,000 $ 600,000 Required: 1. Prepare a journal entry in the general journal to record Bright Lights Ltd.'s acquisition of the other company for $ 2,500,000 cash on June 05. 2. In the future, how should Bright Lights Ltd. account for goodwill at year end? Part 2 On January 01, Current Technology acquired a patent for $ 3,000,000. On the same day, even before Current Technology could use the patent, it incurred an extra cost of $ 300,000, money it spent on a lawsuit, which defended Current Technology's right to obtain it. The patent gave Current Technology legal protection for 30 years. However, Current Technology decided to amortize the patent's cost over 10 years, because technologies changed quickly. Required: 1. Prepare a journal entry in the general journal to record Current Technology's acquisition of the patent, including straight-line amortization for 1 year at December 31. 2. Prepare a partial balance sheet, showing the accounts and dollar amounts