Question: 10. Ginsberg Company spent several years developing a process for producing widgets. Its lawyer suggested patenting the process. The company obtained the patent on

10. Ginsberg Company spent several years developing a process for producing widgets. Its lawyer suggested patenting the process. The company obtained the patent on January 1, 2020. The company paid $180,000 to the lawyer, $16,000 to the government for the patent and $7,000 in additional fees. Required a) Prepare the journal entry to record the full cost of the patent. Do not enter dollar signs or commas in the input boxes. Debit Credit Date Account Title and Explanation Jan 1 Answer Answer Arawer Answer To record the total relevant potent fees b) The patent has an estimated life of 20 years. Prepare the journal entry to record amortization for one year on December 31, 2020. Round your answers to the nearest whole number. Debit Credit Date Account Title and Explanation Dec 31 Answer Arswee Answer To record amortization for the year 4 K

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