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tures printers. Assume that MP recently paid $500,000 for a patent on a new laser printer. Althou provide a competitive advantage for only eight years. straight-line method of amortization, make journal entries to record (a) the purchase of the patent a credit call - X pater Requirements A 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 four years, MP learns 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 5, to amortize the remaining cost of the patent over two remaining years, giving the patent a total useful life of six years. Record amortization for Year 5. Print Done inter any number in the input fields and then click Check Answer Clear All e LG Maynard Printers (MP) manufactures printers. Assume that MP recently paid $500,000 for a patent on a new laser printer Although it gives legal protection for 20 years, the potent is expected to provide a competitive advantage for only eight years. Read the Requirement 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 Records, the credits. Select the explanation on the last line of the journal entry table) (a) Record the purchase of the patent Accounts and Explanation Deba Credit -185 9.25 2.24 2 CA Check And o LG 111 F12 510 TA 0 Please answer the question in full if you know how to do it! Please allign the answers how the questions are so it's not confusing for me to figure out where it goes! Will give a thumbs up if the answer is correct! If you have trouble reading any of the images please let me know so I can post another picture