Question2 Your answer is partially correct. Try again. The following are selected 2019 transactions of Metlock Company. Jan. 1 Purchased a small company and recorded goodwill of $165,000. Its useful life is indefinite. May 1 Purchased for $120,000 a patent with an estimated useful life of 5 years and a legal life of 17 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Goodwill $165,000 Cash $165,000 To record goodwill amortisation) Dec. 31 Patents $120,000 Cash $120,000 (To record patent amortisation)