AW-Ch09 WAS Assessment Play x * Course Hero X thinkwell | next genera x thinkwell | next genera x thinkwell | next genera x Macroeconoline x C assessment.education.wiley.com/was-assessment-player/products/2068fb76-416c-4861-addd-ffe7de7155cb/assessments/3fa459d4-bf42-43eb-8231-ba59aae30468/question. G Concord Corporation purchases a patent for $408,000 on January 2, 2020. Its estimated useful life is 17 years. * Your answer is incorrect. Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts - Your answer is partially correct. Show how this patent is reported on the balance sheet at the end of the first year. Concord Corporation Balance Sheet (Partial) Intangible Assets