ecently paid $550,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, t tion, make journal entries to record (a) the purchase of the patent and (b) amortization for the first full yea i Requirements 1. Assuming the straight-line method of amortization, make journal entries to record (a) the purchase of the patent and (b) amortization for the first full year. 2. After using the patent for five years, MP leams at an industry trade show that another company is designing a more efficient printer. On the basis of this new information, MP decides, starting with Year 6, to amortize the remaining cost of the patent over two remaining years, giving the patent a total useful life of seven years. Record amortization for Year 6. Print Done