Campanez Company purchases a patent for $140,000 on January 2, 2020. Its estimated useful life is 10 years. Correct answer. Your answer is correct. 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 Entry field with correct answer Amortization Expense Entry field with correct answer 14000 Entry field with correct answer Entry field with correct answer Patents Entry field with correct answer Entry field with correct answer 14000 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Partially correct answer. Your answer is partially correct. Try again. Show how this patent is reported on the balance sheet at the end of the first year. Campanez Company Balance Sheet (Partial) Entry field with correct answer Entry field with correct answer Patents $Entry field with incorrect answer now contains modified data SHOW LIST OF ACCOUNTS LINK TO TEXT