What is the adjusting journal entry for this?

CMC records depreciation and amortization expense annually as one compound adjusting journal entry. They do not use an accumulated amortization account. Annual depreciation rates are 7% for Buildings/Equipment/Furniture, no salvage. (Round to the nearest whole dollar.) Annual Amortization rates are 10% of original cost, straight line method, no salvage. The patent was acquired on October 1, 2017. The last time depreciation & amortization were recorded was December 31, 2018.

please let me know if you need any further information

There is no patent life included....but it is usually 20 years so i guess that...please show how you calculate that part and so that I can see how numbers would change if life was different

General Ledger Account Name 12/31/19 AJES Debit Credit Unadj. Balance 12/31/19 Debit Credit 92,063 913,780 29,462 Cash and cash equivalents Accounts Receivable Allowance for doubtful accounts Interest Receivable Inventory Prepaid expenses Other Current Assets Investments Fair Value Adjustment Notes Receivable Building Equipment and furniture Land Accum Depr Goodwill Patents Accounts Payable 1,270,160 26,774 16,063 160,500 0 220,000 876,418 332,983 348,791 656,465 493,951 217,000 1,169,343 General Ledger Account Name 12/31/19 AJES Debit Credit Unadj. Balance 12/31/19 Debit Credit 92,063 913,780 29,462 Cash and cash equivalents Accounts Receivable Allowance for doubtful accounts Interest Receivable Inventory Prepaid expenses Other Current Assets Investments Fair Value Adjustment Notes Receivable Building Equipment and furniture Land Accum Depr Goodwill Patents Accounts Payable 1,270,160 26,774 16,063 160,500 0 220,000 876,418 332,983 348,791 656,465 493,951 217,000 1,169,343