4 points Save Answer Question 1 A. On July 1, 2020 ABC Co. purchased a patent for $ 2,400,000. The patent legally protects the owner for 20 years and the company plans to use it for 30 years. Required: Prepare the journal entry to record the amortization expense on Dec. 31, 2020 B. On January 1, 2017, Sar Co. purchased equipment costing $312,000. The equipment has been depreciated using the straight-line method based on estimated salvage value of $24,000 and an estimated useful life of 6 years. On April 1, 2020, the company sold the equipment for S 140,000 cash. Required: Prepare journal entries to record: 1. The partial year's depreciation (the update) on April 1, 2020. 2. The sale of the equipment on April 1, 2020. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE," BETWEEN NUMBERS: Dr. Cash 10000 Cr. Land 10000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I v S Paragraph Arial 14px IK