Please explain * Question 1 Wildhorse Ltd. purchased a patent on September 1,...
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* Question 1 Wildhorse Ltd. purchased a patent on September 1, 2017 for $41,860. At the time of purchase, Wildhorse estimated that the patent's economic benefits would last until the end of 2021 fiscal year. Wildhorse's fiscal year-end is December 31. On April 1. 2020, Wildhorse sold the patent to another company. Prepare the journal entry to record the sale, assuming Wildhorse sold the patent for $21,705. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the journal entry to record the sale, assuming Wildhorse sold the patent for $12,055. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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