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Martinez, Incorporated acquired a patent on January 1, 2020 for $40,000 cash. The patent was estimated to have a useful life of 10 years with no residual value. On December 31,2021 , before any adjustments were recorded for the year, management determined that the remaining useful life was 6 years (with that new estimate being effective as of January 1, 2021). On June 30, 2022, the patent was sold for $25,000. Required: a. Prepare the journal entry to record the acquisition of the patent on January 1, 2020. b. Prepare the journal entry to record the annual amortization for 2020 . c. Compute the amount of amortization that would be recorded in 2021. d. Determine the gain (loss) on sale on June 30, 2022. e. Prepare the journal entry to record the sale of the patent on June 30, 2022. repare the journal entry to record the acquisition of the patent on January 1, 2020 and for the annual amortization for 2020. (If no ntry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Complete this question by entering your answers in the tabs below. Compute the amount of amortization that would be recorded in 2021. (Round your final answer to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Determine the gain (loss) on sale on June 30,2022. (Round your intermediate calculations and final answer to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the sale of the patent on June 30, 2022. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate calculations and final answers to the nearest whole dollar.) Journal entry worksheet Note: Enter debits before credits

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