Exercise 21-4 Field Corp.'s controller was preparing the year-end adjusting entries for the company's year ended December 31, 2017, when the V.P. Finance called him into her office. Jean-Pierre she said I've been considering a couple of matters that may require different treatment this year. First the patent e acquire near ? ? 201 r o n kel be used until the end of 2019 and then be sold for $200,000. We previously thought that we'd use it for 10 years in total and then be able to sell it for $124,000. We've been using straight-line amortization on the patent. r 20,.0 e Second, I just discovered that the property we bought on July 2, 2014 for $271,400 was charged entirely to the Land account instead of being allocated between Land ($62,400) and Building ($209,000). The building should be of use to us for a total of 20 years. At that point, it'll be sold and we should be able to realize at least $49,400 from the sale of the building." Please let me know how these changes should be accounted for and what effect they will have on the financial statements. Field Corp. follows IFRS. Answer the following, ignoring income tax considerations and assuming that the company has not previously reported quarterly results. Assuming that no amortization has been recorded as yet for the patent for 2017, prepare the December 31, 2017 entries that are necessary to make the accounting changes and to record patent amortization expense for 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record amortization expense.) Dec. 31 (To record error entry.)