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Flounder Corporation purchased a patent from MaFee Corp, on January 1, 2020, for $80,000. The...

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Flounder Corporation purchased a patent from MaFee Corp, on January 1, 2020, for $80,000. The patent had a remaining legal life of 16 years. In January 2022, Flounder spends $28,420 successfully defending a patent suit. In addition, Flounder now feels the patent will be useful only for another seven years. Prepare the journal entries to record the 2022 expenditure and amortization for the year. (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. Round answers to decimal places, 6.8.5,275.) Debit Credit No. Account Titles and Explanation Cash (To record disbursement related to patent) 2 Amortization Expense Accumulated Amortization Patents (To record amortization expense)

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