Skysong Limited purchased a patent for $88,800 on June 1, 2019. Skysong 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, Skysong paid $28,800 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 8 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 for the amounts.) Debit Credit Date Account Titles and Explanation June 1, 2019 e Textbook and Media List of Accounts Record amortization expense for the fiscal years 2019 and 2020. (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 for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31, 2019 Dec. 31. 2020 e Textbook and Media List of Accounts Record the payment of the legal fees on May 31, 2021. (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 Ofor the amounts.) Debit Credit Date Account Titles and Explanation May 31 2021 e Textbook and Media List of Accounts Record any necessary amortization prior to the change in the useful life of the patent. (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 entero for the amounts.) Debit Credit Date Account Titles and Explanation May 31, 2021 e Textbook and Media List of Accounts Record the amortization expense for the remainder of the 2021 fiscal year. (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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 eTextbook and Media List of Accounts What was the total amount of the amortization expense appearing on the income statement for fiscal year 2021? Total amount of the amortization expense eTextbook and Media List of Accounts What is the carrying amount of the patent on the balance sheet at December 31, 2021? Carrying amount on the balance sheet at December 31, 2021 $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit
