V. Lump Sum Purchase On April 1, Money Corporation purchased for $1,620,000 a tract of land on which a warehouse and office building were located. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost Land $600,000 $550,000 Warehouse 400,000 370,000 Office building 800,000 680,000 $1,800,000 $1,600,000 Instructions: Prepare the journal entry to record the purchase. VI. Intangible Assets On January 1, 2018, Grayson Company purchased a patent for $600,000. Grayson expects to use the patent for 20 years and amortizes the patent using the straight-line method. Grayson incurs $40,000 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