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Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does 4 2.5 points Martinez, Inc. acquired a patent on January 1, 2017 for $40,900 cash. The patent was estimated to have a useful life of 10 years with no residual value. On December 31, 2018, before any adjustments were recorded for the year, management determined that the remaining useful life was 7 years with that new estimate being effective as of January 1, 2018). On June 30, 2019, the patent was sold for $25.900 Required: a. Prepare the journal entry to record the acquisition of the patent on January 1, 2017 b. Prepare the journal entry to record the annual amortization for 2017. c. Compute the amount of amortization that would be recorded in 2018 d. Determine the gain (loss) on sale on June 30, 2019 e. Prepare the journal entry to record the sale of the patent on June 30, 2019 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A and B Regc Reg D RegE Prepare the journal entry to record the sale of the patent on June 30, 2019. (Round your intermediate calculations and final answers to the nearest whole dollar. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Show less Credit No Date June 30, 2019 Debit 25.900 3,022 1 General Journal Cash Accumulated Amortization Loss on Disposal Patents OOOO

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