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On September 30, 2016, Leeds LTD. acquired a patent in conjunction with the purchase of another company. The patent, valued at $6.2 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 2018, Leeds successfully defended its patent against infringement. Litigation costs totaled $420,000. Required: 1. Calculate amortization of the patent for 2016 and 2017. 2. Prepare the journal entry to record the 2018 litigation costs. 3. Calculate amortization for 2018. 4a. Prepare the journal entry to record the 2018 litigation costs, assuming that Leeds prepares its financial statements according to IFRS. 4b. Calculate amortization for 2018, assuming that Leeds prepares its financial statements according to IFRS.

Reg 1 Reg 2 Reg 3 Req 4A Reg 4B Calculate amortization of the patent for 2016 and 2017. (Enter your answers in whole dollars.) 2016 2017 Amortization Calculate amortization for 2018. (Round your final answer to the nearest whole dollar.) Amortization Prepare the journal entry to record the 2018 litigation costs, assuming that Leeds prepares its financial statements according to IFRS. (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.) View transaction list Journal entry worksheet Record the 2018 litigation costs. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal Calculate amortization for 2018, assuming that Leeds prepares its financial statements according to IFRS. (Enter your answers in whole dollars.) Amortization

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