Part 1. Mutyala Corporation manufactures high-speed printers and has recently purchased for \(\$ 4.52\) million a patent for the design for a new laser printer. Although it gives legal protection for 17 years, the patent is expected to provide Mutyala with a competitive advantage for only eight years. Assuming the straight-line method of amortization, use general journal entries to record

(a) the purchase of the patent and

(b) amortization for year 1.

Part 2. After using the patent for four years, Mutyala learns at an industry trade show that another company is designing a more efficient printer. On the basis of this new information, Mutyala decides, starting with year 5 , to amortize the remaining cost of the patent over two additional years, giving the patent a total useful life of six years. Record amortization for year 5 .