On April 1, Miracle Applications paid $1,500,000 to acquire a patent on software. Miracle Applications expects the

Question:

On April 1, Miracle Applications paid $1,500,000 to acquire a patent on software. Miracle Applications expects the patent to have a useful life of 4 years.

Requirements
1. Journalize the entry to record the purchase of the patent on April 1.
2. Journalize the entry to record amortization on December 31.