useful life of 10 years with no residual value. On December 31. 2017, before any adjustments were recorded for Martnez, Inc. aoquired a patent on January 1, 2010 for $41.500 cash. The patent was estimated to have a the year, management determined that the remaining useful life was 7 years (with that new estimate being effective as of January 1. 2017). On June 30, 2018, the patent was sold for $26.500. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) Required: a. Prepare the journal entry to record the acquisition of the patent on January 1. 2018. View transaction list Journal entry worksheet Record the entry for acquisition of patent. Note: Enter debits before credits Date General Journal DebitCredit January 01 2016 Record entry Clear entry View general journal Prepare the ?ourras entry to record the annual amonaab-for 2015 View list Journal entry worksheet