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5. On January 1, Red Manufacturing paid $70,200 for a patent. Athough it gives legal protection for 20 years, the patent is expected to provide
5. On January 1, Red Manufacturing paid $70,200 for a patent. Athough it gives legal protection for 20 years, the patent is expected to provide a compective advantage for only sax the journal entiny table.) 5. On January1. Red Manufacturing paid $70,200 for a patent. Although it gives legal protection for 20 years, the patent is oxpected to provide a compettive advantage for only six years. Assuming the straight-line mothod of amortization, record the foumal entry for amortization for Year 1 . (Record debits fest then credits. Solect the explaration on the fast line of the joumal entry table.)
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