Record the Following Events and Transactions for Axle Company for the Current

Essay

Record the following events and transactions for Axle Company for the current year.
1.On January 2,Axle purchased a patent for $35,000 with a useful life of 10 years.Prepare the journal entry to amortize the patent at the end of the first year.
2.On January 3,Axle purchased a leasehold for $8,400,000.The leasehold expires in 15 years.Prepare the journal entry to amortize the leasehold at the end of the first year.
3.On January 4,Axle purchased a music distributor's collection of lyrics and songs for $1,425,000.The copyrights are expected to last another 30 years.Prepare the journal entry to amortize the copyright at the end of the first year.