x f A patent was acquired for $600,000 on March 1st and expires in 10 years. It is expected to have val D AMORTIZATION/ DEPLETION JOURNAL ENTRIES A patent was acquired for $600,000 on March 1st and expires in 10 years. It is expected to have value for 7 years. Present the adjusting entry to amortize the patent for the first year assuming a calendar year. Round your answer to the nearest dollar An oil field was discovered and it is estimated that 800,000 barrels are proven. The land was acquired for $1,980,000 and $50,000 in taxes were paid Present the adjusting entry to record depletion for the current year, during which 70,000 barrels of oil was removed. JOURNAL ENTRIES CR DR Date Accounts a. b Depreciation Assets Uncollectible Accounts Notes Receivable Bank Reconciliation destination and press ENTER or choose Paste