Question 1 During 2017 Holy land Corporation spent $150,000 in research costs. As a result a new product was patented. The patent was obtained on October 1, 2017. The company paid $24,000 on October...

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Extracted text: Question 1 During 2017 Holy land Corporation spent $150,000 in research costs. As a result a new product was patented. The patent was obtained on October 1, 2017. The company paid $24,000 on October 1, 2017 as legal cost for the patent. It had a useful life of 10 years and legal life 20 years. On January 1, 2019, Holy land spent $9,000 to successfully defend the patent in a lawsuit. Holy land feels that as of that date, the remaining useful life is 5 years. 1. What amount should be reported for patent amortization expense for 2017? 2. What amount should be reported for patent amortization expense for 2018? 3. What amount should be reported for patent amortization expense for 2019? 4. At December 31, 2019 the recoverable amount of the patent was $20,000, journalize the entry to report the impairment loss if any. 5. What amount should be reported for patent amortization expense for 2020?