Harrison purchased a patent for $80,000 on January 5, 2020 from a competitor. The patent has a legal life of the patent of 20 years but Harrison estimates that the useful life will be 10 years with $0 residual value.

a. Record the entry for the purchase of the patent on January 5, 2020.

b. Record the entry to record the amortization (if any) of the patent for the year ending December 31, 2020. Clearly label and show all of your work.