Required information Exercise 11-37 (Static) IFRS; amortization; cost to defend a patent [LO11-4, 11-9, 11-10] [The following information applies to the questions displayed below.] On September 30, 2022, Leeds Limited acquired a patent in conjunction with the purchase of another company. The patent, valued at $6 million, was estimated to have a 10-year life and no residual value. Leeds uses the straight-line method of amortization for intangible assets. At the beginning of January 2024 , Leeds successfully defended its patent against infringement. Litigation costs totaled $500,000. Exercise 11-37 (Static) Part 2 ta. Prepare the journal entry to record the 2024 litigation costs, assuming that Leeds prepares its financial statements according to FRS. Ib. Calculate amortization for 2024 , assuming that Leeds prepares its financial statements according to IFRS. Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the 2024 litigation costs, assuming that Leeds prepares its financial statements according to IFRS. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. Journal entry worksheet