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

Essay

Record the following events and transactions for Leonard Company for the current year.
1. On January 2, Leonard purchased a patent for $35,000 with a remaining useful life of 10 years. Prepare the journal entry to amortize the patent at the end of the first year.
2. On January 3, Leonard made an advance payment on a leasehold of $840,000. 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, Leonard purchased a music distributor's collection of lyrics and songs for
$1,425,000. The copyrights have a remaining life of another 30 years. Prepare the journal entry to amortize the copyright at the end of the first year.