Homework: HW CH9 Save Score: 0 of 33 pts 2 of 3 (0 complete) HW Score: 0%, 0 of 100 pts E9-25 (similar to) Question Help Mayler Printers (MP) manufactures printers. Assume that MP recently paid $300,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only eight years. Read the requirements. Requirement 1. Assuming the straight-line method of amortization, make joumal entries to record (a) the purchase of the patent and (b) amortization for the first full year. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) (a) Record the purchase of the patent Date Accounts and Explanation Debit Credit w Choose from any list of enter any number in the input felds and then click Check Haswell Clear Bord debits first, then credits. Select the explanation on the last line of the joumal entry table) 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 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. enterpreneut fields ang ther chez ceckanie