Create Journal Entries for the following two scenarios. On June 1, ABC Inc. purchased a patent for $75,000 with a useful life of 10 years.

Create Journal Entries for the following two scenarios.

1. On June 1, ABC Inc. purchased a patent for $75,000 with a useful life of 10 years. Prepare the journal entry to amortize the patent at the end of the first year assuming ABC Inc. follows a calendar year.
2. On January 4, ABC Inc. purchased a music distributor's collection of lyrics and songs for $425,000. The copyrights are expected to last another 10 years. Prepare the journal entry to amortize the copyright at the end of the first year.