Only need to know how to do B on the first question. Need to know how to do both parts on second question :)

Computing Subsequent Carrying Amount of Patents In January of Year 1, Ford Co, purchased a patent from a research institution for $250,000. The patent was estimated to have a useful life of 15 years. In December of Year 2. Ford Co. unsuccessfully defended the patent in legal proceedings. The fair value of the patent on December 31 of Year 2 , is now estimated to be 550,000 with a 2.year useful life. a. Record the entry for the legal fees of $20,000, paid in cash. b. Record any adjusting entry required on December 31 of Year 2 . c. Determine the carrying value of the patent on December 31 of Year 2 . - Note: Round your final answers to the nearest dollar. Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank (zero). Patent A: Patent B