$($b$)$

Your answer is partially correct.

On June $1,2023,$ Pronghorn spent $\backslash$$$11,160$ to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to $12$ years from June $1,2023.$ Prepare all journal entries required in $2023$ and $2024.($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.$)$

Date

Account Titles and Explanation

Debit

Credit

Patents

Cash

$($To record cost of infringement suit$)$

$\backslash ([1]\backslash )$

Patents

$($To record amortization expense$)$

Amortization Expense

Patents