Calico Inc, purchased a patent on a new drug. The patent cost $27,200. The patent has a life of 21 years, but Calico only expects to be able to sell the drug for 16 years A. Calculate the amortization expense Che My The amount of amortization expense is a function of the cost and the expected time that asset will be used B. Record the journal for the first-year expense. If an amount box does not require an entry, leave it blank. Amortization Expense Patent