Income Statement Assume the following income statement information: Service revenue (all cash) $235 Operating expenses Rent $50 Amortization of patents 20 Salaries 100 170 Income from operations 65 Other item Loss on sale of land 18 Principles of Econ Managerial Macroeconomics Loss on sale of land 18 Net income $47 Amortization of Patents Journal Entries Debit ($) Credit ($) Amortization of Patents Expense 20 Accumulated Amortization-Patents 20 What is the cash effect of this entry? Type your answer and select Submit to view the sample