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Martinez, Inc. acquired a patent on January 1, 2017 for $40,100 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 $25,100 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. Complete this question by entering your answers in the tabs below. Reg A and B Reg Reg D Rege Prepare the journal entry to record the acquisition of the patent on January 1, 2017 and for the annual amortization for 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Reg A and B ReqC Reg D ReqE Prepare the journal entry to record the acquisition of the patent on January 1, 2017 and for the annual amortization for 2017. (I entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the sale of the patent on June 30, 2019. Note: Enter debits before credits General Journal Date June 30, 2019 Debit Credit Record entry Clear entry View general journal

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