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Required information [The following information applies to the questions displayed below.] On September 30. 2019,...

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Accounting

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Required information [The following information applies to the questions displayed below.] On September 30. 2019, Leeds LTD. acquired a patent in conjunction with the purchase of another company. The patent. valued at $4.2 million, was estimated to have a 10 -year life and no residual value. Leeds uses the straight-line method of amortization for intanglble assets. At the beginning of January 2021, Leeds successfully defended its patent against infringement. Litigation costs totaled $220,000, Required: 1. Calculate amortization of the patent for 2019 and 2020. 2. Prepare the journal entry to record the 2021 litigation costs. 3. Calculate amortization for 2021. Complete this question by entering your answers in the tabs below. Calculate amortization of the patent for 2019 and 2020. (Enter yout answers in whole doliars:) Journal entry worksheet Calculate amortization for 2021. (Round your final answer to the nearest whole dollar.)

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