Ayayai Company purchases a patent for $640,000 on January 2, 2020. Its estimated useful life is 16 years. 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 for the amounts.) Account Titles and Explanation Credit Debit e Textbook and Media List of Accounts Show how this patent is reported on the balance sheet at the end of the first year. Ayayal Company Balance Sheet (Partial)