5. On January1. Orange Manutacturing paid $40,000 for a patent. Athough it gives logal protection for 20 years, the patent is expected to srovige a competitive advantage for orily eight years. Assurning the straight-ine mothod of amortzation, record the joumal entry for amortization for year 1 , (Rencord debite lirat, then olegitis. Seloct the explanation on the last line of the joumal entry table.)