Sunland Company purchases a patent for $146.800 cash on January 2, 2024. Its legal life is 20 years and its estimated useful life is 8 years. (a) Your Answer Correct Answer ✓ Your answer is correct. Record the purchase of the patent on January 2, 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 O for the amounts List debit entry before credit entry) Date Account Titles Jan. 2 Patents (b) Cash e Textbook and Media 11 List of Accounts Date Account Titles Dec. 31 Debit 146800 Credit Record amortization expense for the 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 O for the amounts. List debit entry before credit entry) Debit 146800 Attempts: 1 of 1 used Credit

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