Wildhorse purchased a patent in $2019$ for $$80,000.$ By December $31,2024,$ after recording the annual amortization expense on the

patent, but before recording closing entries, the carrying amount of the patent was $$53,600.$ Recently, there have been technological

advances in the field that have affected the recoverable amount of the patent. Wildhorse's controller performed some analysis and has

arrived at the conclusion that the recoverable amount of the patent is $$32,000.$

Prepare any necessary additional journal entry required for the fiscal year ended December $31,2024.($Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the

account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Date

Dec. $312024$

Account Titles

Patents

Accumulated Amortization $-$ Patents

Debit