New Tech Company Acquired a Patent on January 1,2015 for $35,000.The

New Tech Company acquired a patent on January 1,2015 for $35,000.The residual value of the patent is $0.The patent is expected to be of benefit to New Tech Company for 5 years.After using the patent one year,it was discovered that the patent would only be useful for 3 more years.
Required:
1.Prepare the journal entry to record the acquisition of the patent.Omit explanation.
2.Prepare the adjusting journal entry at December 31,2015.Omit explanation.
3.Prepare the adjusting journal entry at December 31,2016.Omit explanation.