Blossom Company purchases a patent for $152,000 on January 2, 2027. Its estimated useful life is 10 years. (a) Your answer is correct. Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Amortization Expense Patents Debit 15,200 Credit 15,200

Blossom Company purchases a patent for $152,000 on January 2,2027 . Its estimated useful life is 10 years. (a) Your answer is correct. Prepare the journal entry to record antortization expense for the first year. (Credit account titles are automotically indented when the amount is entered, Do not indent manually. If no entry is required, select "No Entry" for the occount tities and enter O for the amounts. List debit entry before credit entry.) Show how this patent is reported on the balance sheet at the end of the first year