$3-$Medway Printers $($MP$)$ manufactures printers. Assume that MP

recently paid $$900,000$ for a patent on a new laser printer.

Although it gives legal protection for $20$ years, the patent is

expected to provide a competitive advantage for only eight

years.Requirements Assuming the straight$-$line method of amortization,

make journal entries to record $($a$)$ the purchase of the patent and

$($b$)$ amortization for the first full year. After using the patent

for four years, MP learns at an industry trade show that another

company is designing a more efficient printer. On the basis of this

new information, MP decides, starting with year $5,$ to amortize the

remaining cost of the patent over two remaining years, giving the

patent a total useful life of six years. Record amortization for

year $5.$