On September $5,2023,$ Nelson Lumber purchased timber rights in Northern Quebec for $$549,000,$ paying $$109,000$ cash and the balance by issuing a non$-$current note. Logging the area is expected to take three years, and the timber rights will have no value after that time. On September $27,2023,$ Nelson Lumber purchased a patent for $$161,000$ for new logging equipment on account. It is expected that the patent will be technologically obsolete in $10$ years. Nelson's year$-$end is December $31$ and it uses the straight$-$line method to the nearest month to amortize intangibles.

Required:

Record the acquisition of the timber rights and the patent.

Journal entry worksheet

$2$

$$

Record the purchase of timber rights.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[\backslash$table$[[$September $05,],[2023]],,,],[,,,],[,,,]]$