Instructions Kleen Company acquired patent rights on January 10 of Year 1 for $887 400. The patent has a useful le equal to its legal ife of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $42,000, Required: a. Determine the patent amortization expense for Your 4 ended December 31 D. Journaize the adjusting entry on December 31 of Year 4 to recognize the amortization. Peter to the Chart of Accounts for exact wording of account titles Instructions Chart of Accounts Starting question Journal Starting question a. Determine the patent amortization expense for Year 4 ended December 31. Round your answer to the nearest whole dollar. Journal 8. Journakre the adjusting entry on December 31 of Your 4 to recognise the amonization Peter to the Chart of Accounts for exact wording of account thos. PAGE JOURNAL ACCOUNTING EQUATION DATE POST REF DET CREDIT ASSETS UITY DESCRIPTION Adjusting Entries Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 622 Gain on Sale of Patents 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation Equipment 130 Mineral Rights EXPENSES 610 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 622 Depreciation Expense-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling Expenses 131 Acumulater Dentation 531 Rent Expense Check My Work art of Accounts 131 Accumulated Depletion 132 Goodwill 133 Patents 531 Rent Expense 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 536 Supplies Expense 539 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment 722 Loss on Sale of Patents 215 Notes Payable EQUITY 310 Owner's Capital 311 Owner's Drawing My Work