59-12 (similar to) Question Help On April 1, 2018, Advance Company purchased a patent for $180,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only five years. Read the requirements Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit i Requirements Apr. 1 1. Journalize the purchase of the patent. 2. Journalize the amortization expense for the year ended December 31, 2018 Assume straight-line amortization. Print Done