Question: Is this correct? View Policies Current Attempt in Progress Wildhorse Corporation purchases a patent from Blossom Company on January 1, 2020, for $109,200. The patent

Is this correct? View Policies Current Attempt in Progress Wildhorse Corporation purchases Is this correct?

View Policies Current Attempt in Progress Wildhorse Corporation purchases a patent from Blossom Company on January 1, 2020, for $109,200. The patent has a remaining legal of 16 years. Wildhorse feels the patent will be useful for 10 years. Assume that at January 1, 2022, the carrying amount of the patent on Wildhorse's books is $87,360. In January, Wildhorse spends $26,000 successfully defending a patent suit. Wildhorse still feels the patent will be useful until the end of 2029. Prepare Wildhorse's journal entries to record the amortization for 2020 and 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2020 Patents 26000 Cash 2022 Amortization Expense 14170 Patents 26000 14170

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