5. On January1, Red Manufacturing paid $69,600 for a patent. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only six years. Assuming the straight-line method of amortization, record the journal entry for amortization for Year 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Dec. 31 Debit Credit