ACC 201 Chapter 11 Open-Ended Assignment Note: Please put your answers only in the section below the Bold Red sentence at the end of the Required section below. On January 1, Year 1, Tenus Corporation purchased a patent from Marx Corporation by agreeing to make payments of S30,000 at the beginning of each year for the next six years, starting January 1 Year 1. Tenus could borrow money from the bank at a rate of 5 percent per year. The patent has a life of 10 years. Required: Make the journal entries to record the following: A. The purchase of the patent and the first payment B. Interest expense at the end of Year! C. Amortization expense on the patent at the end of Year 1 Your answers to this open-ended assignment should be placed in the space below this line. Account Name Debit Credit Date Jan. 1, Yr 1 B Account Name Debit Credit Date Dec 31, Yr 1 Account Name Debit Credit Date Dec. 31. Yr1