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business-accounting question. thanks Prepare the following journal entries and calculations: ...

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Accounting

business-accounting question. thanks

Prepare the following journal entries and calculations:

(a) A patent that was acquired for $820,000 at the beginning of the current year expires in 15 years and is expected to have value for 6 years. Present the adjusting entry to amortize the patent for the current year.
(b) Mineral rights on an ore deposit estimated at 8,000,000 tons of ore were acquired for $5,600,000. Present the adjusting entry to record depletion for the current year, during which 350,000 tons of ore were removed.

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