V. Intangible Assets On January 1, 2018, Grayson Company purchased a patent for $800,000. Grayson expects to use the patent for 20 years and amortizes the patent using the straight-line method Grayson incurs $60,000 in legal costs to successfully defend the patent on January 1, 2020. Grayson estimates that the remaining useful life of the patent to be 8 years. Instructions: a. Prepare all necessary journal entries for 2020. b. How would your answer change if the defense of the patent was unsuccessful? =