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Martinez, Incorporated acquired a patent on January 1, 2020 for $40,800 cash. The patent was estimated to have a useful life of 10 years with no residual value. On December 31, 2021, before any adjustments were recorded for the year, management determined that the remaining useful life was 6 years (with that new estimate being effective as of January 1, 2021). On June 30, 2022, the patent was sold for $25,800. Required: a. Prepare the journal entry to record the acquisition of the patent on January 1, 2020. b. Prepare the journal entry to record the annual amortization for 2020. c. Compute the amount of amortization that would be recorded in 2021. d. Determine the gain (loss) on sale on June 30, 2022. e. Prepare the journal entry to record the sale of the patent on June 30, 2022. Complete this question by entering your answers in the tabs below. Req A and B Reg C Reg D Reg E Prepare the journal entry to record the acquisition of the patent on January 1, 2020 and for the annual amortization for 202 entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the entry for acquisition of patent. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2020 Record entry Clear entry View general journal

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