Homework: Chapter 9 Question 4, TIPP-5 (similar to) HW Score: 5%, 2 of 40 points O Points: 0 of 1 Save On January, Red Manufacturing paid $52,500 for a patent. Although gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only seven years. Assuming the straight-line method of amortition record the journal entry for amortization for Year 1. (Recond debts first, then credits. Select the explanation on the last line of the joumal entry lable) Dale Accounts and Explanation Dec 21 Debi Credit