Dovetail Technologies Company acquired patent rights on January 6, 20Y5, for $1,500,000. The patent has a useful life of 8 years. On January 7, 20Y6, Dovetail Technologies successfully defended the patent in a lawsuit at a cost of $252,000.

a. Determine the patent amortization expense for the current year ended December 31, 20Y6. $fill in the blank 1 and Illustrate the effects on the accounts and financial statements to recognize the amortization. For decreases in accounts or outflows of cash, enter your answers as negative numbers. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank.

Balance Sheet Statement of Assets Liabilities Stockholders' Equity Cash Flows + Dec. 31. 223,500 0 0 -223,500 Statement of Cash Flows Income Statement No effect 0 Amortization expense - patents -223,500