Question 5 :)

Take me to the text Feggins Company purchased a patent from Monroe Limited for $209,400 on January 1, 2018. The patent has a remaining useful life of six years. Required a) Prepare the journal entry to record the purchase. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Debit Credit Jan 1 Record the purchase of patents for cash b) Prepare the journal entry to record amortization for one year on December 31, 2018. The company does not use the half-year rule. Assume the straight-line method of depreciation is used. Round your answers to the nearest whole number. Date Account Title and Explanation Debit Credit Dec 31 Record amortization for the year Accounts Payable Accounts Receivable Accumulated Amortization Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Building Cash Equipment Gain on Disposal of Asset Land Loss on Disposal of Asset Machine (New) Machine (Old) Notes Payable Notes Receivable Patents Truck