Use the information provided in BE12.1. Assume that at January 1, 2021, the carrying amount of the

Question:

Use the information provided in BE12.1. Assume that at January 1, 2021, the carrying amount of the patent on Celine Dion's books is $43,200. In January, Celine Dion spends $24,000 successfully defending a patent suit. Celine Dion still feels the patent will be useful until the end of 2028. Prepare the journal entries to record the $24,000 expenditure and 2021 amortization.