Question 4 (8 Marks) Prepare the journal entries for the following independent situations to recognize the purchase and amortization for the first year. Explanations are not required. Magic Plus paid for several patents on January 1, 2019 for a total price of $190,000. The patents have a legal life of 25 years and are expected to provide revenues for the next 10 years. January 1, 2019, Darth Vader Ltd. paid $450,000 to acquire Skywalker Ltd. Skywalker had assets valued at $1,750,000 and liabilities of $1,525,000. DATE ACCOUNT DEBIT CREDIT