record transaction also record payment of legal fees and necessary amortization prior to change in useful life of patent. 2. record amortization expnese for remainder of the 2021 fiscal year

Teal Mountain Limited purchased a patent for $84,000 on June 1. 2019. Teal Mountain has a calendar fiscal year end. Straight-line amortization is used for the patent, based on a five-year useful life, although the remaining legal life was 10 years. On May 31, 2021, Teal Mountain paid $33,600 in legal fees to successfully defend this patent in court and now wants to revise the estimate of the patent's remaining useful life to B years, which is the same as its remaining legal life. Record the purchase of the patent on June 1. 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)